E.D. & F. MAN LTD. v. NIGERIAN SWEETS & CONFECTIONERY CO. LTD.

[1977] 2 Lloyd's Rep. 50

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Ackner

Banking - Irrevocable letter of credit - Sale of goods - Sellers and bank treated letters of credit as mere formality - Insolvency of issuing bank - Whether letters of credit absolute payment discharging buyers from liability - Whether letters of credit analogous to bill of exchange - Whether sellers could look to buyers for payment.