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GILLMAN v. CHASE MANHATTAN

73 N.Y.2d 1 (1988)

Seymour Gillman, as Assignee for the Benefit of Creditors of Jamaica Tobacco & Sales Corp., Appellant, v. Chase Manhattan Bank, N. A., Respondent.

Court of Appeals of the State of New York.

Decided December 22, 1988.

Attorney(s) appearing for the Case

Harold S. Berzow and Kevin Nash for appellant.

Andrew J. Connick, Eugene F. Farabaugh, Anne M. Ronan, Richard White and Rolf Woolner for respondent.

John L. Warden, H. Rodgin Cohen, Lauretta E. Murdock and Deborah Y. Yeoh, for The New York Clearing House Association, amicus curiae.

Chief Judge WACHTLER and Judges SIMONS, KAYE, ALEXANDER and TITONE concur; Judge BELLACOSA taking no part.

HANCOCK, JR., J.

This appeal presents questions concerning actions taken by Chase Manhattan Bank, N. A. (Chase) with respect to the commercial bank account of a customer, Jamaica Tobacco and Sales Corp. (Jamaica Tobacco) which Chase contends were authorized by the terms of a security agreement executed by the customer in applying for a letter of credit. Chase issued a $400,000 irrevocable letter of credit to Jamaica...

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