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ONE STEP UP v. WEBSTER BUS.

Nos. 601807/09, 4100.

87 A.D.3d 1 (2011)

925 N.Y.S.2d 61

2011 NY Slip Op 5140

ONE STEP UP, LTD., Appellant, v. WEBSTER BUSINESS CREDIT CORPORATION, Respondent.

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

Decided June 14, 2011.

Attorney(s) appearing for the Case

Lazarus & Lazarus, P.C., New York City ( Harlan M. Lazarus , of counsel), for appellant.

Kravet & Vogel, LLP, New York City ( Joseph A. Vogel , of counsel), for respondent.

SAXE, J.P., RICHTER, MANZANET-DANIELS and ROMÁN, JJ., concur.

OPINION OF THE COURT

MOSKOWITZ, J.

Plaintiff brought this action seeking the return of $250,000 that defendant obtained when it drew on a standby letter of credit. Plaintiff had opened the letter of credit with HSBC, naming defendant as beneficiary, to provide additional collateral for defendant's extension of further financing to nonparty Luxury Ventures, LLC, doing business as Henricks Jewelers (Henricks). Despite...

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