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AUTOMATION SOURCE CORP. v. KOREA EXCH. BANK

249 A.D.2d 1 (1998)

670 N.Y.S.2d 847

Automation Source Corporation, Appellant, v. Korea Exchange Bank, Respondent

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

April 2, 1998

It is well established that New York requires strict compliance with the terms of a letter of credit (United Commodities-Greece v Fidelity Intl. Bank, 64 N.Y.2d 449, 455). Thus, in determining whether to pay a letter of credit, the bank may, and must, look solely at the letter and the documentation the beneficiary presents (Marino Indus. Corp. v Chase Manhattan Bank, 686 F.2d 112, 115) and...

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