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UBAF ARAB AM. BANK v. NEW WORLD RESEARCH CORP.

174 A.D.2d 392 (1991)

UBAF Arab American Bank, Appellant, v. New World Research Corporation, Respondent

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

June 11, 1991

In September 1983, plaintiff, UBAF Arab American Bank, at the request of defendant, New World Research Corporation, issued a $25,950 letter of credit to the Commercial Bank of Syria. Plaintiff had been issuing such letters for New World since 1981, when the latter had executed an "Irrevocable Special Purpose Letter of Credit Agreement" for the purpose of "inducing [UBAF] to issue from time to time" letters of credit. The September...

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