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BASICNET SpA v. CFP SERVS LTD

No. 653266/11, 12418.

120 A.D.3d 97 (2014)

988 N.Y.S.2d 593

2014 NY Slip Op 4585

BASICNET S.p.A. et al., Appellants, v. CFP SERVICES LTD., Doing Business as CFP TRADE SERVICES, Respondent, et al., Defendants.

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

Decided June 19, 2014.

Attorney(s) appearing for the Case

Satterlee Stephens Burke & Burke LLP, New York City ( James F. Rittinger,   Alun W. Griffiths and Dai Wai Chin Feman of counsel), for appellants.

Noël F. Caraccio, PLLC, Mamaroneck ( Noël F. Caraccio of counsel), for respondent.

TOM, J.P. ACOSTA, DeGRASSE and RICHTER, JJ., concur.

OPINION OF THE COURT

ANDRIAS, J.

Plaintiffs are the beneficiaries of irrevocable standby letters of credit (SLCs) issued by defendant CFP Services Ltd. doing business as CFP Trade Services. The SLCs were issued in connection with an amended license agreement between plaintiffs, as licensors, defendant Kappa North America, Inc., as licensee, and defendant Total Apparel Group, Inc. (TAG), as Kappa's guarantor. Although...

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