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  5. 89 N.Y.2d 244 (1996)
 

MRF RES. v. MERCHS.

89 N.Y.2d 244 (1996)

674 N.E.2d 1366

652 N.Y.S.2d 601

MRF Resources Ltd., Plaintiff, v. Merchants Bank of New York, Defendant and Third-Party Plaintiff-Respondent; Galit Diamond, Inc., Third-Party Defendant-Appellant.

Court of Appeals of the State of New York.

Decided December 18, 1996.

Attorney(s) appearing for the Case

Tratner & Molloy, New York City (Joan C. Waters and Louis Tratner of counsel), for third-party defendant-appellant.

Zeichner Ellman & Krause, New York City (Stephen F. Ellman and William A. Walsh of counsel), for third-party plaintiff-respondent.

Chief Judge KAYE and Judges TITONE, BELLACOSA, SMITH, LEVINE and CIPARICK concur.

SIMONS, J.

Galit Diamond, Inc., the third-party defendant in this action, has asserted a counterclaim against defendant The Merchants Bank of New York seeking to recover damages allegedly sustained when the bank delayed execution of a funds transfer to Galit's diamond supplier in Israel. The delay occurred when Merchants wrongfully placed a hold on Galit's bank account. Galit does not claim that it suffered any...

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