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PHIBRO DISTRIBS. CORP. v. FID. INT'L BANK

175 A.D.2d 777 (1991)

Phibro Distributors Corporation, Appellant, v. Fidelity International Bank, Respondent

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

August 29, 1991

Plaintiff contracted to sell approximately 350,000 barrels of oil to Sen Mar, Inc. at prevailing rates, the price to include the 2.83% New York State gross receipts tax on petroleum products. Sen Mar secured the purchase obligation with an irrevocable sight draft letter of credit issued by defendant in the maximum amount of $6,431,925.50, to expire on February 28, 1989. On February 11, plaintiff submitted the required documentation...

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