Citation Numbers: 17 Misc. 2d 218
Judges: Streit
Filed Date: 4/2/1959
Status: Precedential
Modified Date: 2/5/2022
The .third-party defendants move for dismissal of the complaint for insufficiency. The action rests in part on a document of escrow deposit as follows:
‘ ‘ With reference to your letter of October 2, 1958 to Swiss Credit Bank, New York, N. Y., the above reference, we enclose our certified check in the amount of $7,238.63, representing 10% of the value of the merchandise to be delivered under the Letter Credit CCF 06053.
“ We certify that the beneficiary of this Letter of Credit will ship the balance of the merchandise not later than November 30, 1958 in one or several lots. In the event that this undertaking is not respected by them, we hereby authorize you to pay this 10% or $7,238.63 to the principal as indemnity. If the balance of the merchandise is shipped not later than November 30, 1958 you will please return this $7,238.63 to us.”
Actually, it was given, as appears, as security for the performance of an agreement and to indemnify the buyer in the event of the seller’s default. It is alleged that no shipment was
The motion is denied.