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TUTHILL v. UNION SAV. BANK

166 A.D.2d 702 (1990)

W. Corwin Tuthill, Appellant, v. Union Savings Bank, Respondent

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

October 29, 1990

Ordered that the judgment is affirmed, with costs.

On December 22, 1983, Jamesport Vineyards, Inc. (hereinafter Jamesport), obtained an irrevocable standby letter of credit in the amount of $112,796.22 from the Union Savings Bank (hereinafter the Bank), which named the plaintiff as its beneficiary. The letter of credit was intended to secure payment of a purchase-money mortgage given by the plaintiff to Jamesport, which was due in full on January 2, 1985. The letter...

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