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MENNEN v. MORGAN & CO.

91 N.Y.2d 13 (1997)

689 N.E.2d 869

666 N.Y.S.2d 975

Herbert Mennen et al., Respondents, v. J. P. Morgan & Co. Incorporated, Defendant, and Morgan Guaranty Trust Company of New York, Appellant.

Court of Appeals of the State of New York.

Decided December 2, 1997.

Attorney(s) appearing for the Case

Levi & Lubarsky, New York City (Howard B. Levi of counsel), and Hiscock & Barclay, L. L. P., Buffalo, for appellant.

Kavinoky & Cook, L. L. P., Buffalo (Marilyn A. Hochfield, Lauren D. Rachlin and Todd K. Card of counsel), for respondents.

Chief Judge KAYE and Judges SMITH, LEVINE, CIPARICK and WESLEY concur with Judge BELLACOSA; Judge TITONE dissents and votes to reverse in a separate opinion.

BELLACOSA, J.

This financial dispute occurs as the aftermath of payments made in precise compliance with letters of credit. Morgan Guaranty Trust Co., the defendant issuing bank, seeks to recover for alleged overpayments to the plaintiffs who are the beneficiaries of the subject letters of credit. Morgan had honored the drafts from the beneficiaries holding the irrevocable standby letters of credit, upon their...

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