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BANK OF CANTON, LTD. v. REPUBLIC NAT. BANK

No. 78 Civ. 5520-CSH.

509 F.Supp. 1310 (1980)

The BANK OF CANTON, LTD., Plaintiff, v. REPUBLIC NATIONAL BANK OF NEW YORK, Defendant and Third-Party Plaintiff, v. SHARP INTERNATIONAL CORP., Third-Party Defendant.

United States District Court, S. D. New York.

July 9, 1980.

Attorney(s) appearing for the Case

Kelley, Drye & Warren, New York City, for plaintiff; Richard J. Concannon, Charles E. McTiernan, Jr., Elizabeth M. O'Neill, New York City, of counsel.

Herman E. Cooper, P. C., New York City, for defendant and third party plaintiff; Herman E. Cooper, Jonathan L. Sulds, New York City, of counsel.

MEMORANDUM OPINION AND ORDER

HAIGHT, District Judge:

Plaintiff, The Bank of Canton, Ltd., ("BC") brought this action against defendant Republic National Bank of New York ("RNB") to recover damages resulting from RNB's dishonoring of drafts presented upon a letter of credit issued by RNB, which BC had negotiated. RNB filed a third-party complaint against Sharp International Corp. ("Sharp"), the customer at whose request RNB issued the letter of credit. Jurisdiction...

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