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SHANGHAI COMMERCIAL BANK, LTD. v. BANK OF BOSTON INT'L

53 A.D.2d 830 (1976)

Shanghai Commercial Bank, Ltd., Respondent-Appellant, v. Bank of Boston International, Respondent, and Capehart Corporation, Appellant-Respondent

Appellate Division of the Supreme Court of the State of New York, First Department.

July 8, 1976

Capehart caused Boston to issue an irrevocable letter of credit in the sum of $100,000 in favor of plaintiff, a bank, for the benefit of Capehart's vendor (not a party to this action). It is conceded that plaintiff complied with the terms of the letter of credit by presenting to Boston the required documents. Capehart complains that the goods it purchased from its vendor were defective. It was these goods which prompted the letter of credit. A letter of credit is a contract...

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