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BARCLAY v. KING'SWEAR

141 A.D.2d 241 (1988)

Barclay Knitwear Co., Inc., et al., Appellants, v. King'swear Enterprises Ltd., et al., Defendants, and National Westminster Bank, U.S.A., Respondent. Bank of Communications, Intervenor-Respondent-Cross-Appellant

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

November 10, 1988

Attorney(s) appearing for the Case

Stephen M. Harnik of counsel (Wachtell, Manheim & Grouf, attorneys), for appellants.

Eugene F. Farabaugh of counsel (Andrew J. Connick and Anne M. Ronan with him on the brief; Milbank, Tweed, Hadley & McCloy, attorneys), for intervenor-respondent.

CARRO, MILONAS and SMITH, JJ., concur with SULLIVAN, J.; KUPFERMAN, J. P., dissents for the reasons stated by SHERMAN and GAMMERMAN, JJ.

SULLIVAN, J.

This appeal presents the issue of whether the circumstances of a bank's negotiation of a draft drawn under a letter of credit established it as a holder in due course and, if so, whether the documents submitted on the draw against the credit conform to its requirements so that, notwithstanding the possibility of fraud in the transaction, the draft must be honored by the issuing bank pursuant to...

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