Bank of Cochin v. Manufacturers Hanover Trust Co., 808 F. 2d 209 - Court of Appeals, 2nd Circuit 1986

Bank of Cochin, Ltd. ( Cochin ), the issuer of an international letter of credit, appeals from a summary judgment of the United States District Court for the Southern District of New York (Cannella, J.) entered in favor of Manufacturers Hanover Trust Company ( MHT ), the confirming bank. The district court held that although MHT wrongfully had paid under the terms of the letter of credit, Cochin was precluded from claiming wrongful honor because it failed to comply with the timely notice provisions of Article 8 of Uniform Customs and Practice for Documentary Credits (1974 Revision), Int\u27l Chamber of Commerce, Pub. No. 290 (the UCP ). We affirm the judgment of the district court on the ground that Cochin\u27s failure to notify MHT of the specific discrepancies in the documents and of the documents\u27 dispositions without delay, as required by UCP 8(e), precludes Cochin from asserting MHT\u27s noncompliance with the terms of the letter of credit