ELDER DEMPSTER LINES, LTD. v. IONIC SHIPPING AGENCY, INC.; MIDLAND BANK; AND MARINE MIDLAND GRACE TRUST COMPANY OF NEW YORK

[1968] 1 Lloyd's Rep. 529

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Donaldson

Banking - Letter of credit - Whether irrevocable credit was issued to beneficiaries jointly - Expiration date of letter given by confirming bank - Whether liability of issuing bank ceased on same date-Whether, under rules of equity, it should be presumed that joint beneficiary under letter of credit had concurred in payment out to beneficiary entitled.