(DOWNLOAD) "United Bank Limited Et Al. v. Cambridge Sporting Goods Corp." by Court of Appeals of New York ~ eBook PDF Kindle ePub Free
eBook details
- Title: United Bank Limited Et Al. v. Cambridge Sporting Goods Corp.
- Author : Court of Appeals of New York
- Release Date : January 28, 1976
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 77 KB
Description
[41 N.Y.2d 254 Page 255] On this appeal, we must decide whether fraud on the part of a seller-beneficiary of an irrevocable letter of credit may be successfully asserted as a defense against holders of drafts drawn by the seller pursuant to the credit. If we conclude that this defense may be interposed by the buyer who procured the letter of credit, we must also determine whether the courts below improperly imposed upon appellant buyer the burden of proving that respondent banks to whom the drafts were made payable by the seller-beneficiary of the letter of credit, were not holders in due course. The issues presented raise important questions concerning the application of the law of letters of credit and the rules governing proof of holder in due course status set forth in article 3 of the Uniform Commercial Code. In addition, we are called upon to determine whether it was proper for the trial court to permit respondents to introduce as direct evidence their responses to interrogatories served by appellant, as part of respondents' case-in-chief.