Carr v. Mercy Hospital, Inc.

How later courts describe this case

• issuing bank liable for breach by directing reimbursement bank not to pay beneficiary under letter of credit
• New York has “paramount interest” for purposes of choice of law in breach of international letter of credit due to its preeminence as financial capital.
• plaintiff relied upon a promise that he could finish law school before being called up for enlistment
• irrevocable letter of credit payable in dollars in New York and drawn upon funds deposited in New York belonging to Ugandan bank is not an “exchange contract” under the IMF provision and court does not transgress IMF Treaty by refusing to uphold repudiation by the Ugandan bank
• injury located at place of performance
• government misrepresentation as to time of induction