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UNITED COMMODITIES v. BANK

64 N.Y.2d 449 (1985)

United Commodities-Greece, Plaintiff, v. Fidelity International Bank et al., Respondents, et al., Defendant, and Pillsbury Company, Appellant.

Court of Appeals of the State of New York.

Decided April 4, 1985.

Attorney(s) appearing for the Case

Peter W. Flanagan, Richard H. Webber and John H. Allen for appellant.

Stephen Lew for Fidelity International Bank, respondent.

Mark P. Zimmett and Joanna Shally for Trade Development Bank (France), respondent.

Chief Judge WACHTLER and Judges JASEN, MEYER, SIMONS and KAYE concur; Judge ALEXANDER taking no part.

LYNCH, J.

Defendant Pillsbury Company contracted to sell to the plaintiff 50,000 metric tons of corn destined for shipment from a Gulf of Mexico port to a Black Sea port and resale to the Soviet Union. To provide payment, plaintiff obtained two letters of credit, one by the defendant Trade Development Bank with the defendant Republic National Bank as advising bank, the other by Banque de la Mediterranee with...

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