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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.)

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