Order of Turkish court restraining payment of letter of credit by Turkish bank in New York not enforceable - independence principle revisited

Article Abstract:

A New York court held that a Turkish court could not compel a New York City bank to refuse to pay a letter of credit. The Turkish court had restrained a Turkish bank from reimbursing a NY bank for the credit, as part of a lawsuit in Turkey. The Turkish bank had an account in another NY bank, which was intended to repay the confirming bank in NY. Thus, the Turkish bank was ordered by the Turkish court not to release funds from the NY account. The NY court required that the confirming NY bank be paid.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Banking industry, Banks (Finance), International aspects, Turkey, Commercial law, Letters of credit, New York (State)

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Sections 2-102, 2-314, 2-315 - Article 2 implied warranty of merchantability and fitness inapplicable to a short-term lease

Article Abstract:

A plaintiff who suffered injuries in an amusement park ride could not hold the park liable for breach of implied warranty of merchantability or fitness under the UCC. The court held that short-term leases, such as might exist for a park ride, were not covered by Article 2's implied warranty provisions. These provisions usually apply only to sales of goods and some types of lease transactions, and the court found an amusement park ride did not fit the criteria to be classified as either one.

Amusement and Theme Parks, Amusement parks, Warranties, Warranty, Leases, Pennsylvania, Breach of warranty

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