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MAP MARINE LIMITED v. CHINA CONSTRUCTION BANK CORP.

3735, 602517/08.

78 A.D.3d 614 (2010)

913 N.Y.S.2d 156

MAP MARINE LIMITED, Respondent, v. CHINA CONSTRUCTION BANK CORP., Defendant, and BANCA MONTE DEI PASCHI DI SIENA S.P.A., Appellant. (And a Third-Party Action.).

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

Decided November 30, 2010.

In this action, MAP Marine Ltd., the disponent owner of a vessel, seeks to recover on a $5,950,000 transfer letter of credit against the issuer's advising and transferring bank, Banca Monte. This sum is based on money due pursuant to a time charter of the vessel between MAP and a nonparty and includes a daily usage fee, a "ballast bonus" to compensate MAP for the return portion of the trip, and a "bunkers on delivery" charge for the amount of fuel on board at the time of...

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