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BANCO NACIONAL v. SOCIETE

34 A.D.3d 124 (2006)

820 N.Y.S.2d 588

BANCO NACIONAL DE MÉXICO, S.A., INTEGRANTE DEL GRUPO FINANCIERO BANAMEX, Appellant-Respondent, v. SOCIETE GENERALE, Respondent-Appellant.

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

September 19, 2006.

Attorney(s) appearing for the Case

Cleary Gottlieb Steen & Hamilton LLP, New York City (Jonathan I. Blackman and Lisa M. Colone of counsel), for appellant-respondent.

Quinn Emanuel Urquhart Oliver & Hedges, LLP, New York City (Marc L. Greenwald and William B. Adams of counsel), for respondent-appellant.

Moses & Singer LLP, New York City (Michael Evan Avidon and David Rabinowitz of counsel), for the Clearing House Association L.L.C., amicus curiae.

NARDELLI, J.P., WILLIAMS, McGUIRE and MALONE, JJ., concur.

OPINION OF THE COURT

CATTERSON, J.

Plaintiff Banco Nacional De México, S.A., Integrante Del Grupo Financiero Banamex (hereinafter referred to as Banco Nacional) commenced this action seeking reimbursement for payments made to the beneficiary of a letter of credit. The letter of credit (hereinafter referred to as the Letter) was issued on December 10, 2002, in connection with the construction of a power plant in Mexico. It was issued at the request of...

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