Lance International Inc. v. Aetna Casualty & Surety Co.

Appellate Division of the Supreme Court of New York

Lance International Inc. v. Aetna Casualty & Surety Co.

54 A.D.2d 830, 388 N.Y.S.2d 98, 1976 N.Y. App. Div. LEXIS 14578

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

DecidedNovember 4, 1976

StatusPublished

This text of 54 A.D.2d 830 (Lance International Inc. v. Aetna Casualty & Surety Co.) 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.

Bluebook

Lance International Inc. v. Aetna Casualty & Surety Co., 54 A.D.2d 830, 388 N.Y.S.2d 98, 1976 N.Y. App. Div. LEXIS 14578 (N.Y. Ct. App. 1976).

Pincite

Opinion

Order, Supreme Court, New York County, entered March 18, 1976, granting defendants’ motion for summary judgment, and judgment thereon entered May 14, 1976, are unanimously affirmed. Respondents shall recover of appellant one bill of $60 costs and disbursements of these appeals. In this suit, by insured seller on an export credit insurance policy, plaintiff contends that the loss occurred: (a) because First National City Bank, its agent for collection, failed to transmit to plaintiff funds made available to said agent for payment of the drafts for the goods sold; and (b) perhaps because the bank, in violation of its instructions, released the goods and documents of title to the buyer without receiving the appropriate acceptance of the drafts which accompanied the documents of title. In either case the loss is excluded from the policy protection as a "loss due to the fault of the insured or its agent.” Indeed, in the former case, the loss is not even one arising out of "failure of the buyer to pay to the insured” which is the risk insured against. Concur&emdash;Markewich, J. P., Lupiano, Silverman, Lane and Yesawich, JJ.

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Order, Supreme Court, New York County, entered March 18, 1976, granting defendants’ motion for summary judgment, and judgment thereon entered May 14, 1976, are unanimously affirmed. Respondents shall recover of appellant one bill of $60 costs and disbursements of these appeals. In this suit, by insured seller on an export credit insurance policy, plaintiff contends that the loss occurred: (a) because First National City Bank, its agent for collection, failed to transmit to plaintiff funds made available to said agent for payment of the drafts for the goods sold; and (b) perhaps because the bank, in violation of its instructions, released the goods and documents of title to the buyer without receiving the appropriate acceptance of the drafts which accompanied the documents of title. In either case the loss is excluded from the policy protection as a "loss due to the fault of the insured or its agent.” Indeed, in the former case, the loss is not even one arising out of "failure of the buyer to pay to the insured” which is the risk insured against. Concur&emdash;Markewich, J. P., Lupiano, Silverman, Lane and Yesawich, JJ.

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Bluebook (online)

54 A.D.2d 830, 388 N.Y.S.2d 98, 1976 N.Y. App. Div. LEXIS 14578, Counsel Stack Legal Research, https://law.counselstack.com/opinion/lance-international-inc-v-aetna-casualty-surety-co-nyappdiv-1976.