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VOEST-ALPINE INTERN. CORP. v. CHASE MANHATTAN BANK

No. 703, Dockets 82-7679, 82-7681.

707 F.2d 680 (1983)

VOEST-ALPINE INTERNATIONAL CORPORATION, Plaintiff-Appellant, Cross-Appellee, v. The CHASE MANHATTAN BANK, N.A., Defendant-Appellee, Cross-Appellant, v. BANK OF BARODA, Third-Party Defendant, Cross-Appellee.

United States Court of Appeals, Second Circuit.

Decided May 12, 1983.

Attorney(s) appearing for the Case

Christopher F. Meatto, New York City (Andrew Berger, Stanley T. Stairs, Breed, Stairs & Berger, New York City, of counsel), for plaintiff-appellant, cross-appellee.

Andrew J. Connick, New York City (Eugene F. Farabaugh, Scott H. Wyner, Milbank, Tweed, Hadley & McCloy, New York City, of counsel), for defendant-appellee, cross-appellant.

Robert A. Jaffe, New York City (Thomas W. Evans, Shari J. Levitan, Mudge, Rose, Guthrie & Alexander, New York City, of counsel), for third-party defendant, cross-appellee.

Before FEINBERG, Chief Judge, CARDAMONE and DAVIS, Circuit Judges.

CARDAMONE, Circuit Judge:

This appeal involves an interpretation of the law applied to commercial letters of credit. When analyzing that law the unique characteristics of a letter of credit must be kept firmly in mind. Otherwise, a court may unknowingly paint broadly over the letter of credit's salient features and compromise its reliability and fluidity.

BACKGROUND

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