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POLYMER TRADING v. CIC-UNION EUROPEENNE et CIE

225 A.D.2d 482 (1996)

640 N.Y.S.2d 32

Polymer Trading, S.A.R.L., Appellant, v. CIC-Union Europeenne Et Cie et al., Respondents

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

March 26, 1996

Defendant, the confirming bank in this letter of credit transaction, had a contractual duty to the beneficiary and to the issuing bank; however, since there was no privity of contract between plaintiff, the account party, and defendant, plaintiff could not assert a breach of contract action against defendant (see, Bank of Cochin v Manufacturers Hanover Trust Co., 612 F.Supp. 1533

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