Case Name: Rich International Group Corp., Respondent, v. Soleil Capitale Corporation, Appellant
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 2017-02-14
Citations: 147 A.D.3d 493
Docket Number: 
Parties: Rich International Group Corp., Respondent, v Soleil Capitale Corporation, Appellant.
Judges: Concur — Friedman, J.P., Richter, Saxe, Moskowitz and Kapnick, JJ.
Reporter: Appellate Division Reports
Volume: 147
Pages: 493–494

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

Opinion:
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.