Order of Turkish court restraining payment of letter of credit by Turkish bank in New York not enforceable - independence principle revisited
Article Abstract:
A New York court held that a Turkish court could not compel a New York City bank to refuse to pay a letter of credit. The Turkish court had restrained a Turkish bank from reimbursing a NY bank for the credit, as part of a lawsuit in Turkey. The Turkish bank had an account in another NY bank, which was intended to repay the confirming bank in NY. Thus, the Turkish bank was ordered by the Turkish court not to release funds from the NY account. The NY court required that the confirming NY bank be paid.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Sections 2-102, 2-314, 2-315 - Article 2 implied warranty of merchantability and fitness inapplicable to a short-term lease
Article Abstract:
A plaintiff who suffered injuries in an amusement park ride could not hold the park liable for breach of implied warranty of merchantability or fitness under the UCC. The court held that short-term leases, such as might exist for a park ride, were not covered by Article 2's implied warranty provisions. These provisions usually apply only to sales of goods and some types of lease transactions, and the court found an amusement park ride did not fit the criteria to be classified as either one.
Publication Name: Uniform Commercial Code Law Journal
Subject: Law
ISSN: 0041-672X
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Rules of discovery: with mounting use of electronic evidence, the FJC reviews rules
- Abstracts: The development of collective legal actions in Europe, especially in German civil procedure. Syndicated loans: Some thoughts on the reception of Anglo-American contract practice into Swedish law
- Abstracts: Female lawyers see bias in their arrests: cursing and culottes were unacceptable to authorities in Texas, Florida
- Abstracts: When does a shareholder class settlement settle? The high court is to decide whether a pact approved by a Delaware judge precludes related federal litigation
- Abstracts: Rev. s. 4-303, 4-104(a)(9) - priority of judgment creditor of bank depositor against bank's setoff. Section 9-104(i) - exclusion of bank setoff from Article 9 coverage - Pennsylvania common law priority of setoff over perfected security interest in a certificate of deposit