Maurice O'Meara Co. v. National Park Bank of New York
New York Court of Appeals
239 N.Y. 386, 146 N.E. 636 (1925)
Sun-Herald had a letter of credit issued in favor of Maurice O’Meara Company’s assignor, Ronconi & Millar (Ronconi) (plaintiff), by National Park Bank of New York (National) (defendant) for payment for newsprint paper. National was to make payment on presentment by Ronconi of an invoice and shipping documents for each shipment of paper. Ronconi presented documents that satisfied the requirements of the letter of credit for multiple shipments, and National refused to make payment. Ronconi sued for damages. National contended that payment did not have to be made, because Ronconi failed to present proof to National that the paper delivered was of the correct weight and strength, as agreed upon in the contract with Sun-Herald, and that the paper delivered was, in fact, not the correct weight and strength. Ronconi moved for summary judgment and was denied by the trial court. The denial was affirmed by appellate division. The Court of Appeals of New York granted review.
Rule of Law
Holding and Reasoning (McLaughlin, J.)
Dissent (Cardozo, J.)
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