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BANCA NAZIONALE, ETC. v. SMS

A93A1467.

211 Ga. App. 360 (1993)

439 S.E.2d 502

BANCA NAZIONALE DEL LAVORO v. SMS HASENCLEVER, GmbH.

Court of Appeals of Georgia.

Reconsideration Denied December 14, 1993.

Attorney(s) appearing for the Case

King & Spalding, Richard A. Schneider, Jobeth Halper, for appellant.

Alston & Bird, Steven M. Collins, Patrick M. Norton, Jennifer B. Moore, for appellee.

McMURRAY, Presiding Judge.

SMS Hasenclever, GmbH of Dusseldorf, Germany ("SMS") filed an action against Banca Nazionale Del Lavoro ("BNL") for wrongful dishonor of letters of credit issued by the Central Bank of Iraq ("CBI") and confirmed by BNL's promise to honor the letters of credit pursuant to OCGA § 11-5-107 (2). BNL admitted endorsing CBI letters of credit and issuing confirmation certificates in favor of SMS, but raised several defenses justifying rejection...

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