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Contracts Keyed to Fuller
BAII Banking Corp. v. UPG, Inc.
Citation:
985 F.2d 685 (2d Cir. 1993)Facts
BAII Banking Corporation provided financing for Will Petroleum’s oil trading operations on a transactional basis. In December 1985 and January 1986, Will entered into two agreements with Falco (a division of UPG) for the sale of Rumanian blendstock gasoline. BAII financed these transactions and received purchase confirmations from Falco directing payment to BAII’s account. In late January 1986, amid declining petroleum prices and rumors of Will’s financial difficulties, Falco prevented the vessel Konpolis from berthing to deliver cargo under one agreement. Approximately 90 minutes later, Falco sent Will a demand for adequate assurances under UCC § 2-609, giving Will only 23 hours to respond. When Will did not respond within this timeframe, Falco declared the contracts repudiated. Will subsequently filed for bankruptcy, and BAII, claiming rights as an assignee and third-party beneficiary, sued Falco for breach of contract.
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