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ROSS BICYCLES, INC. v. CITIBANK

161 A.D.2d 473 (1990)

Ross Bicycles, Inc., Appellant, v. Citibank, N. A., Respondent

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

May 22, 1990

On August 18, 1986, Citibank, N. A. (Citibank) issued an unsecured, irrevocable documentary letter of credit to Wedtech Corporation (Wedtech), with Ross Bicycles, Inc. (Ross) as beneficiary. The letter of credit for $1,000,000 was subsequently amended to increase the credit by $600,000. Soon thereafter, Wedtech filed for bankruptcy.

Ross sought summary judgment in lieu of complaint, alleging that Citibank wrongfully dishonored four drafts totaling

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