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BLONDER & CO. v. CITIBANK

28 A.D.3d 180 (2006)

808 N.Y.S.2d 214

BLONDER & CO., INC., Appellant, v. CITIBANK, N.A., Respondent.

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

January 31, 2006.

Attorney(s) appearing for the Case

Minogue Birnbaum LLP, New York City (George P. Birnbaum and Michael L. Ferch of counsel), and Franklin, Weinrib, Rudell & Vassallo, New York City (Jonathan Director of counsel), for appellant.

Zeichner Ellman & Krause LLP, New York City (Jantra Van Roy and Stephen F. Ellman of counsel), for respondent.

SAXE, MARLOW and NARDELLI, JJ., concur with ANDRIAS, J.; TOM, J.P., dissents in a separate opinion.

OPINION OF THE COURT

ANDRIAS, J.

A commercial letter of credit transaction involves three separate contractual relationships: the underlying contract for the purchase and sale of goods; the agreement between the issuer and its customer; and the letter of credit itself, in which the issuer undertakes to honor drafts or other demands for payment presented by the beneficiary or its transferee upon compliance...

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