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Banking Law Keyed to Malloy, 4th Ed.
Blonder & Co., Inc. v. Citibank, N.A.
Citation:
28 A.D. 3d 180, 808 N.Y.S.2d 214 (2006)Facts
Blonder & Co. and a joint venturer, Moav International, contracted to purchase nickel scrap from Corporación Atlantic Calero in Nicaragua. Blonder entered into an agreement with Citibank for the issuance of an irrevocable letter of credit subject to the Uniform Customs and Practice for Documentary Credits. The letter of credit required Citibank to accept documents that substantially complied with its terms and conditions. On January 31, 2001, Citibank notified Blonder that payment documents had been presented and that its account would be debited for $541,625.56. Blonder, believing the documents were forgeries, requested that Citibank stop payment, but Citibank had already honored the letter of credit. Blonder claimed that the documents contained material discrepancies, including an incomplete bill of lading that failed to name a consignee, conflicting dates on the bill of lading, and different ports of loading on the inspection certificate. Blonder filed suit alleging that Citibank failed to examine the documents with reasonable care to ensure substantial compliance with the letter of credit’s terms.
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