Case ID: ad3d_147/html/0493-02.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Rich International Group Corp., Respondent, v Soleil Capitale Corporation, Appellant.
    [46 NYS3d 779]
   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.