VIII. Letters of Credit, Investment Securities, and Documents of Title
March 24, 2014
- Dorchester Fin. Sec., Inc. v. Banco BRJ, S.A., 722 F.3d 81 (2d Cir. 2013) -- The beneficiary alleged that the issuer failed to honor a letter of credit and the Second Circuit held that there was jurisdiction, noting that the issuer executed a letter of agreement stating "that sufficient contacts exist with the State of New York from this transaction" and consenting to personal jurisdiction in New York for any claim arising from such transaction. The court reasoned that if the trier of fact deemed this evidence credible, then sufficient contact would exist to confer personal jurisdiction upon the issuer in New York.
IX. Contracts / Table of Contents