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Head Note

Civil Law  - Letters of Credit

Letters of Credit - Money Suit - Admission - Written Statement filed by the Appellant-Bank in the Dhaka litigation discloses that its position was that it was "under obligation to reimburse the payments to the supplier's corresponding bank i.e., Defendant No.3? (Bank of America Ltd. therein) - This admission of fact is clear, and in consonance with the law pertaining to legal obligations - Assuming that the Appellant did not take any mala fide action so as to enable the Importer to have the consignment released without authority, it was in clear violation of its fiduciary responsibility as the Opener of a Letter of Credit - Appellant had correctly made the statement pertaining to its liability in the Dhaka Suit, which can legitimately be taken as an admission in the Calcutta Suit - In view of the admission of fact made by the Appellant the Court held to be correct in concluding in the impugned Judgment that a money decree for the sum secured by the subject Letter of Credit (for USD 352,250) should be passed - Appeal liable to be dismissed with costs.

Topic(s)-Letters of Credit - Money Suit - Admission