CO-OPERATIVE CENTRALE RAIFFEISEN-BOERELEENBANK B.A. (“RABOBANK NEDERLAND”) v. THE SUMITOMO BANK LTD. (THE “ROYAN”, “ABUKIRK”, “BRETAGNE” AND “AUVERGNE”)

[1987] 1 Lloyd's Rep. 345

QUEEN’S BENCH DIVISION COMMERCIAL COURT

Before Mr. Justice Gatehouse

Banking - Letter of credit - Construction - Beneficiary bank presented documents to confirming bank - Documents did not comply with letter of credit - Confirming bank paid under reserve - Issuing bank later accepted documents - Whether beneficiary bank liable for financing charges arising out of late acceptance - Date on which final 10 per cent. to be paid.