Intrinsic Values Corp. v. Superintendencia de Administracion Tributaria
District Court of Appeal of Florida
806 So. 2d 616 (2002)
Superintendencia de Administracion Tributaria (Superintendencia) (plaintiff) contracted with Intrinsic Values Corporation (Intrinsic) (defendant) to purchase license plates and other goods. Banco de Guatemala, at Superintendencia’s request, issued irrevocable letters of credit for Intrinsic’s benefit. First Union National Bank (First Union) and Barclays Bank, PLC (Barclays) served as the confirming banks. Superintendencia canceled the contract based on Intrinsic’s failure to supply the goods. Superintendencia filed an action against Intrinsic in Guatemala. The Guatemala court issued a temporary injunction, pending its final decision, barring Banco de Guatemala from paying on the letters of credit. Superintendencia then brought an action in Florida to prevent First Union and Barclays from honoring the letters of credit, asserting that the honoring of any presentment by Intrinsic would facilitate a material fraud. Intrinsic was not named in the Florida complaint or served with notice. The Florida trial court entered a temporary injunction. Intrinsic sought payment under the letters of credit. Intrinsic intervened in the Florida action and moved for an order dissolving the Florida injunction. The Florida trial court denied Intrinsic’s motion. Intrinsic appealed.
Rule of Law
Holding and Reasoning (Shevin, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 176,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.