J. H. RAYNER & CO., LTD., AND THE OILSEEDS TRADING COMPANY, LTD. v. HAMBROS BANK LIMITED.
(1942) 73 Ll.L.Rep. 32
KING'S BENCH DIVISION.
Before Mr. Justice Atkinson.
Bank-Letter of credit-Refusal by bank to accept documents not following exact wording of letter of credit-Sale by first plaintiffs (as agents for second plaintiffs) of parcels of Coromandel groundnut kernels to Danish company-Payment to be made by irrevocable credit, opened with approved London bank, available in London at sight against first presentation of bills of lading-Credit opened by Danish bank (on behalf of buyers) with defendant bank in London "against invoice, full set clean straight bills of lading to buyers . . . about 1400 tons Coromandel groundnuts . . ." - Letter of credit issued by defendants to plaintiffs providing for tender of invoice, insurance, and "Bills of lading in complete set issued to the buyers . . . covering a shipment of about 1400 tons Coromandel groundnuts . . ."-Tender of bills of lading describing goods shipped as "machine shelled groundnut kernels," with marginal marks: "O.T.C./C.R.S./Aarhus" - Clause 15: "Weight, measurement, quality, contents and value, although mentioned in the bill of lading, to be considered as unknown to the master unless expressly recognised and agreed to the contrary. Simple signature not to be considered as such agreement" -Payment refused on tender of documents-Precise description of goods sold not followed by bills of lading- Documents re-presented with authoritative certificates that goods shipped were Coromandel groundnuts-Further refusal -Evidence as to custom of trade and as to normal description of Coromandel groundnuts.