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ROYAL BANK OF CANADA v. WEISS

172 A.D.2d 167 (1991)

Royal Bank of Canada, Respondent, v. Sidney M. Weiss et al., Appellants, and Clean Team Health Care Services Limited et al., Respondents

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

April 4, 1991

In December 1986, the plaintiff in this interpleader action, The Royal Bank of Canada, issued irrevocable letters of credit securing the obligation of defendants-respondents to pay defendants-appellants, Sidney and Charles Weiss, agreed upon amounts as consideration in connection with the purchase by the defendants-respondents of the Weisses' interest in certain patents. Although the Weisses were to have been paid these amounts within three years from the date of purchase...

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