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Banking Law Keyed to Malloy, 4th Ed.
Maurice O’Meara Co. v. National Park Bank of New York
Citation:
239 N.Y. 386, 146 N.E. 636 (1925)Facts
On October 28, 1920, National Park Bank issued an irrevocable letter of credit in favor of Ronconi & Millar for $224,853.30 to finance the purchase of newsprint paper by the Sun-Herald Corporation. The letter of credit required presentation of specific documents: commercial invoice in triplicate, weight returns, and negotiable dock delivery order. Between December 1920 and January 1921, Ronconi & Millar presented three sight drafts with accompanying documents as required by the letter of credit. The bank refused payment on the grounds that it had “reasonable doubt regarding the quality of the newsprint paper” and wanted to conduct tests to verify the paper’s tensile strength. After the bank’s refusal to pay, Ronconi & Millar sold the paper at a loss and assigned their claim to Maurice O’Meara Company, which brought this action to recover damages.
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