Rich International Group Corp. v. Soleil Capitale Corp.

Appellate Division of the Supreme Court of New York

Rich International Group Corp. v. Soleil Capitale Corp.

2017 NY Slip Op 1150, 147 A.D.3d 493, 46 N.Y.S.3d 779

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

DecidedFebruary 14, 2017

Docket2902 652263/14

StatusPublished

This text of 2017 NY Slip Op 1150 (Rich International Group Corp. v. Soleil Capitale Corp.) 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

Rich International Group Corp. v. Soleil Capitale Corp., 2017 NY Slip Op 1150, 147 A.D.3d 493, 46 N.Y.S.3d 779 (N.Y. Ct. App. 2017).

Pincite

Opinion

*494 Order, Supreme Court, New York County (Barry R. Ostrager, J.), entered August 23, 2016, which denied defendant’s motion for summary judgment, unanimously affirmed, without costs.

Defendant failed to establish as a matter of law that it issued the agreed-upon letter of credit in the amount of $25 million on which plaintiff could successfully draw, for which plaintiff agreed to pay a fee of $1.25 million. Plaintiff’s acknowledgment that defendant issued a document denominated a letter of credit is not sufficient, in view of the provisions in the document that create a question as to its viability for use by plaintiff, and plaintiff’s inability to obtain a confirmation of the purported letter of credit’s legitimacy. Furthermore, the independence principle does not bar plaintiff’s claim because no one attempted to draw on the letter of credit.

Concur — Friedman, J.P., Richter, Saxe, Moskowitz and Kapnick, JJ.

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*494 Order, Supreme Court, New York County (Barry R. Ostrager, J.), entered August 23, 2016, which denied defendant’s motion for summary judgment, unanimously affirmed, without costs.

Defendant failed to establish as a matter of law that it issued the agreed-upon letter of credit in the amount of $25 million on which plaintiff could successfully draw, for which plaintiff agreed to pay a fee of $1.25 million. Plaintiff’s acknowledgment that defendant issued a document denominated a letter of credit is not sufficient, in view of the provisions in the document that create a question as to its viability for use by plaintiff, and plaintiff’s inability to obtain a confirmation of the purported letter of credit’s legitimacy. Furthermore, the independence principle does not bar plaintiff’s claim because no one attempted to draw on the letter of credit.

Concur — Friedman, J.P., Richter, Saxe, Moskowitz and Kapnick, JJ.

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Bluebook (online)

2017 NY Slip Op 1150, 147 A.D.3d 493, 46 N.Y.S.3d 779, Counsel Stack Legal Research, https://law.counselstack.com/opinion/rich-international-group-corp-v-soleil-capitale-corp-nyappdiv-2017.