New York Court of Appeals November 19, 2002 (Nissho Iwai Europe PLC v. Korea First Bank)
Also known as
United States · · · 19-11-2002
OPINION OF THE COURT
Graffeo, J.
We are asked in this dispute to determine whether the renewal of a revolving standby letter of credit is implicitly
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contingent on the repayment of funds previously disbursed by the issuing bank.
In September 1994, plaintiff Nissho Iwai Europe PLC agreed to loan $150 million to Daewoo Hong Kong Ltd. in separate installments of $125 million and $25 million.
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