Commercial Law Keyed to Lopucki
Wood v. State Bank
Appellees entered into a contract for Jacklyn Construction Corp., (Jacklyn) to purchase Appellees’ real property. As part of the contract, Jacklyn was to make a nonrefundable payment to Appellees. In contemplation of this payment, Jacklyn caused Appellant to open a clean irrevocable letter of credit in favor Appellees’ attorney. The letter of credit required a sight draft making reference to credit number 1147 and a sworn statement by Plaintiffs’ attorney stating that Jacklyn willfully failed to close title in accordance with certain provisions in the contract. The attorney submitted a sight draft without reference to the credit number and an affidavit that referenced the credit number and demanded payment pursuant to the contract of sale. The Supreme Court of New York found that Appellees complied with the letter of credit and granted summary judgment in their favor.
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