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European Asian Bank v Punjab Sind Bank (No. 2) [1983]


  • A large-scale fraud operation took place regarding $2.25 million in cloves
  • A letter of credit was issued between bank, authorising payment


  • Could the letter of credit be construed as allowing negotiation to take place?


  • No


  • Ireland v Livingston (1872) distinguished; a reasonable interpretation is not alway appropriate, especially where a principal is contactable
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