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Commercial Law Keyed to Zierdt, 1st Ed.
Voest-Alpine Trading Co. v. Bank of China
Citation:
167 F. Supp. 2d 940 (2000)Facts
On June 23, 1995, Voest-Alpine entered into a contract with Jiangyin Foreign Trade Corporation (JFTC) to sell 1,000 metric tons of styrene monomer for $1.2 million. The Bank of China issued a letter of credit to finance the transaction on July 6, 1995. The letter of credit contained several typographical errors, including listing the beneficiary’s name as “Voest-Alpine USA Trading Corp.” instead of “Voest-Alpine Trading USA Corp.” and misspelling the destination port in one place. The letter of credit specified that the transaction would be subject to the UCP 500. By the time the product was ready to ship, market prices had dropped significantly, but Voest-Alpine declined JFTC’s request for a price concession and shipped the styrene monomer on July 18, 1995. Voest-Alpine presented the required documents to Texas Commerce Bank (the presenting bank) on August 1, 1995, which forwarded them to the Bank of China on August 3. The Bank of China received the documents on August 9 and sent a telex on August 11 listing seven alleged discrepancies, stating they were “contacting the applicant of the relative discrepancy” and “holding documents at your risks and disposal.” After Voest-Alpine contested the discrepancies, the Bank of China sent another telex on August 19 further explaining its position but still using tentative language about refusal. The Bank of China ultimately returned the documents and did not honor the letter of credit.
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