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AXA ASSURANCE, INC. v. CHASE MANHATTAN BANK

770 A.2d 1211 (2001)

338 N.J. Super. 22

AXA ASSURANCE, INC., Plaintiff-Appellant, v. THE CHASE MANHATTAN BANK, f/k/a Chemical Bank New Jersey, N.A., Defendant/Third-Party Plaintiff-Respondent, v. Hankin Environmental Systems, Inc., Third-Party Defendant.

Superior Court of New Jersey, Appellate Division.

Decided April 3, 2001.

Attorney(s) appearing for the Case

David C. Dreifuss, Livingston, argued the cause for appellant, (Nagel Rice & Dreifuss, attorneys; Mr. Dreifuss, of counsel; Guido Weber, on the brief).

Jeffrey T. LaRosa, Morristown, argued the cause for respondent, (Schenck, Price, Smith & King, attorneys; Roy J. Evans, of counsel; Mr. LaRosa and Douglas S. Brierley, on the brief).

Before Judges BAIME, CARCHMAN and LINTNER.

The opinion of the Court was delivered by CARCHMAN, J.A.D.

This appeal requires us to reconcile two assertedly disparate clauses contained in a letter of credit (the letter). The first clause, referred to as an "evergreen" clause, provides for annual automatic renewal of the letter of credit without notice. The second clause, referred to as the "expiry" clause, provides a fixed termination date for the letter. Judge Stephen F. Smith, Jr., in the Law Division, held...

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