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Banking Law Keyed to Malloy, 4th Ed.
SAVA Gumarska In Kemijska Industria d.d. v. Advanced Polymer Sciences, Inc.
Citation:
128 S.W.3d 304 (2004)Facts
In 1999, SAVA and APS entered into a Company Formation Agreement to create a joint venture (SAVA AP) for manufacturing and distributing APS coating products in Eastern Europe. Under related agreements, SAVA was to purchase $3.3 million in equipment from APS, including filament winding equipment. SAVA made a $550,000 advance deposit for this equipment, and APS provided a standby letter of credit in the same amount to protect SAVA’s deposit. The letter of credit required SAVA to present a statement that the delivery deadline had passed and the equipment was nonconforming in specified ways.
The business relationship deteriorated, with both parties accusing the other of causing problems. By August 2000, SAVA advised APS it would not proceed with the manufacturing plant, and APS stopped production of the equipment. In October 2000, SAVA formally canceled the agreements and attempted to draw on the standby letter of credit. APS sued to prevent payment, claiming SAVA committed fraud by attempting to draw on the letter of credit before the equipment delivery was even due and by making false statements in the presentment documents.
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