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NISSHO IWAI EUROPE PLC v. KOREA FIRST BANK

290 A.D.2d 331 (2002)

737 N.Y.S.2d 63

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

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

Decided January 22, 2002.

Defendant issued a revolving standby letter of credit in favor of plaintiff, for the account of Daewoo Hong Kong Limited (Daewoo), the first paragraph of which provides, inter alia, that the letter of credit is in the amount of "up to USD 11,500,000.00," and the second paragraph of which provides, inter alia, that it "shall be revolved and reinstated every three months within the [specified] period of validity * * *." The underlying contract between plaintiff and Daewoo was...

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