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CLARENDON, LTD. v. STATE BANK OF SAURASHTRA

No. 101, Docket 95-7145.

77 F.3d 631 (1996)

CLARENDON, LTD., Plaintiff-Appellant, v. STATE BANK OF SAURASHTRA, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided February 23, 1996.

Attorney(s) appearing for the Case

Stanley McDermott III, New York City (Piper & Marbury, New York City, On the Brief), Attorneys for Plaintiff-Appellant.

Bud G. Holman, New York City (Talat M. Ansari and Cathleen K. Condren, Kelley Drye & Warren, New York City, Of Counsel), Attorneys for Defendant-Appellee.

Before: MAHONEY, LEVAL, and CABRANES, Circuit Judges.

LEVAL, Circuit Judge:

This appeal concerns an action brought by Clarendon, Ltd., as beneficiary of an unpaid letter of credit, against State Bank of Saurashtra ("SBS"), a governmental bank in India, and against Chase Manhattan Bank, N.A., as advising bank. SBS issued the letter of credit at the instance of its customer Saurashtra Steel Industries, Ltd. ("SSIL"), an Indian steel fabricator, to help finance SSIL's purchase of a shipment of steel from Clarendon. The...

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