REGENT CORPORATION v. International Finance Investment and Commerce Bank Limited, Defendant-Appellant. (1999)

Supreme Court, Appellate Division, First Department, New York.

REGENT CORPORATION, U.S.A., Plaintiff, v. AZMAT BANGLADESH LTD., Defendant, Citibank, N.A., et al., Defendants-Respondents, International Finance Investment and Commerce Bank Limited, Defendant-Appellant.

Decided: March 02, 1999

WILLIAMS J.P., LERNER, RUBIN and SAXE, JJ.

Nancy Nelson, for Defendants-Respondents. Martin L. Brothers, for Defendant-Appellant.

Order, Supreme Court, New York County (Herman Cahn, J.), entered June 4, 1998, which denied defendant International Finance Investment and Commerce Bank Ltd.'s (hereinafter “IFICB”) motion for summary judgment on its cross-claims against defendants Citibank, N.A. and The Bank of New York, and granted defendant banks summary judgment dismissing the cross-claims, unanimously modified, on the law, summary judgment denied, the cross-claims reinstated, and otherwise affirmed, without costs.

This Court has determined that the drafts in question are negotiable instruments, and that a question of fact remains regarding whether IFICB is a holder in due course (Regent Corp. v. Azmat Bangladesh, 253 A.D.2d 134, 686 N.Y.S.2d 24, decided simultaneously herewith). Therefore, it is error to grant summary judgment to defendant banks prior to resolution of IFICB's holder in due course status.

MEMORANDUM DECISION.

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