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SUPREME MDSE v. CHEM. BANK

70 N.Y.2d 344 (1987)

In the Matter of Supreme Merchandise Co., Inc., Appellant, v. Chemical Bank, Respondent.

Court of Appeals of the State of New York.

Decided October 15, 1987.

Attorney(s) appearing for the Case

William E. Seeger for appellant.

Robert T. Stephenson and Kenneth J. Kelly for respondent.

Chief Judge WACHTLER and Judges SIMONS, ALEXANDER, TITONE, HANCOCK, JR., and BELLACOSA concur.

KAYE, J.

A beneficiary's interest in an executory negotiable letter of credit supporting an international sale of goods is not property of the beneficiary for purposes of attachment by a party in unrelated litigation.

In connection with a sale of disposable lighters by Iwahori Kinzoku Co. (Kinzoku), a Japanese company, to Supreme Importers and D. M. Sales Corp. of New York City, on March 1, 1984, Chemical...

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