101 A.D.2d 790 | N.Y. App. Div. | 1984
Judgment entered November 23, 1983, Supreme Court, New York County (Arthur E. Blyn, J.), which denied appellant’s application for a judgment pursuant to CPLR 6221 and dismissed the petition, reversed, on the law, the petition is granted and the matter is remanded for entry of a judgment in accordance with this decision, with costs. H We first note that “law of the case” is not established by the denial of summary judgment in a previous lawsuit, since factual issues may well have precluded an assessment of the applicable law. In any event, we are not bound by “law of the case” precepts and we exercise our discretion to reach the merits of this matter. 11 Respondent Bank Leumi issued a letter of credit (an irrevocable document by its terms) upon application of respondent Gotham. Petitioner was designated the “advising” bank. On September 10, 1981, one of the manufacturers with whom Gotham had contracted, and a “transferee” of the letter of credit, negotiated to petitioner signed drafts at 60 days’ sight, drawn upon the letter of credit. Petitioner forwarded the drafts to Bank Leumi for payment, and by letter of September 24, 1981, respondent advised petitioner that the drafts were accepted and that payment according to the terms (i.e., in 60 days) would be made on November 23, 1981. H This did not occur, however, because Gotham subsequently brought an action against its various manufacturers in Supreme