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Banking Law Keyed to Malloy, 4th Ed.
Bank of Cochin, Ltd. v. Manufacturers Hanover Trust Co.
Citation:
612 F. Supp. 1533 (1985)Facts
On February 8, 1980, Vishwa requested Bank of Cochin to issue an irrevocable letter of credit for $798,000 to purchase aluminum from St. Lucia Enterprises. Bank of Cochin issued the letter of credit and requested MHT to confirm it. The letter was subject to the 1974 UCP and underwent several amendments between February and April 1980. On June 9, 1980, St. Lucia presented documents to MHT for payment, which MHT reviewed and determined complied with the letter’s requirements. MHT paid St. Lucia $798,000 on June 13 and debited Bank of Cochin’s account. MHT sent the documents to Bank of Cochin by registered mail, which Cochin received on June 21. On June 21, Cochin notified MHT of unspecified discrepancies but did not specify what they were until June 27, and did not advise MHT that it was returning the documents until July 3. The documents submitted by St. Lucia were later discovered to be entirely fraudulent, and St. Lucia disappeared with the funds.
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