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NISSHO IWAI v. KOREA BANK

99 N.Y.2d 115 (2002)

782 N.E.2d 55

752 N.Y.S.2d 259

NISSHO IWAI EUROPE PLC, Respondent, v. KOREA FIRST BANK, Appellant.

Court of Appeals of the State of New York.

Decided November 19, 2002.

Attorney(s) appearing for the Case

Paul, Weiss, Rifkind, Wharton & Garrison, New York City (Richard A. Rosen, Walter Rieman, Jeremy Ofseyer, Robyn Sorid and Melanie H. Stein of counsel), and O'Melveny & Myers LLP (Andrew J. Frackman of counsel), for appellant.

Davis Polk & Wardwell, New York City (James L. Kerr, Carmela L. Guerrero, James I. Rim and Mariasole L. Kaine of counsel), for respondent.

Chief Judge KAYE and Judges SMITH, LEVINE, CIPARICK, WESLEY and ROSENBLATT concur.

OPINION OF THE COURT

GRAFFEO, J.

We are asked in this dispute to determine whether the renewal of a revolving standby letter of credit is implicitly contingent on the repayment of funds previously disbursed by the issuing bank.

In September 1994, plaintiff Nissho Iwai Europe PLC agreed to loan $150 million to Daewoo Hong Kong Ltd. in separate installments of $125 million and $25 million. Daewoo was required...

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