Hongkong & Shanghai Banking Corp. v. Communications Transmission, Inc.

Appellate Division of the Supreme Court of New York

Hongkong & Shanghai Banking Corp. v. Communications Transmission, Inc.

191 A.D.2d 342, 596 N.Y.S.2d 675

CourtAppellate Division of the Supreme Court of the State of New York

DecidedMarch 23, 1993

StatusPublished

This text of 191 A.D.2d 342 (Hongkong & Shanghai Banking Corp. v. Communications Transmission, Inc.) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Hongkong & Shanghai Banking Corp. v. Communications Transmission, Inc., 191 A.D.2d 342, 596 N.Y.S.2d 675 (N.Y. Ct. App. 1993).

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Opinion

—Order and judgment, Supreme Court, New York County (Stuart Cohen, J.), entered on or about November 16, 1992, and December 2, 1992, respectively, which, inter alia, granted plaintiff’s motion for summary judgment pursuant to CPLR 3212 and awarded plaintiff $1,133,206, unanimously affirmed, with costs.

The Walker Letter of Credit, the Reimbursement Agreement, and the letter agreement in which Walker transferred and assigned to plaintiff its rights and privileges in and to the Reimbursement Agreement, are all unambiguous. Defendant’s obligation to reimburse plaintiff is unconditional. Indeed, defendant effectively waived its right to assert all defenses and counterclaims to its reimbursement obligation to plaintiff (see, Bank of Suffolk County v Kite, 49 NY2d 827). While defendant may wish to seek recovery against Walker based on Walker’s alleged breach of contract, it has not demonstrated any basis to avoid its absolute obligation to reimburse plaintiff.

We have considered all other claims of defendant and find them to be meritless. Concur — Murphy, P. J., Carro, Rosenberger, Ross and Kassal, JJ.

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—Order and judgment, Supreme Court, New York County (Stuart Cohen, J.), entered on or about November 16, 1992, and December 2, 1992, respectively, which, inter alia, granted plaintiff’s motion for summary judgment pursuant to CPLR 3212 and awarded plaintiff $1,133,206, unanimously affirmed, with costs.

The Walker Letter of Credit, the Reimbursement Agreement, and the letter agreement in which Walker transferred and assigned to plaintiff its rights and privileges in and to the Reimbursement Agreement, are all unambiguous. Defendant’s obligation to reimburse plaintiff is unconditional. Indeed, defendant effectively waived its right to assert all defenses and counterclaims to its reimbursement obligation to plaintiff (see, Bank of Suffolk County v Kite, 49 NY2d 827). While defendant may wish to seek recovery against Walker based on Walker’s alleged breach of contract, it has not demonstrated any basis to avoid its absolute obligation to reimburse plaintiff.

We have considered all other claims of defendant and find them to be meritless. Concur — Murphy, P. J., Carro, Rosenberger, Ross and Kassal, JJ.

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Bluebook (online)

191 A.D.2d 342, 596 N.Y.S.2d 675, Counsel Stack Legal Research, https://law.counselstack.com/opinion/hongkong-shanghai-banking-corp-v-communications-transmission-inc-nyappdiv-1993.

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