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CE CASECNAN WATER & ENERGY CO., INC. v. KOREA FIRST BANK

248 A.D.2d 330 (1998)

670 N.Y.S.2d 474

Ce Casecnan Water and Energy Company, Inc., Respondent, v. Korea First Bank, Appellant, and Hanbo Engineering Construction Co. et al., Intervenors-Appellants

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

March 31, 1998

We agree with the IAS Court that the allegations of defendant bank and the intervenor contractors of fraudulent representations by plaintiff in its certificate of drawing failed to raise a triable issue of fact with respect to the propriety of the bank's dishonor of the subject letter of credit (see, UCC 5-114 [2]). Indeed, the record indicates that plaintiff's right to call the letter of credit was at least "colorable" ...

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