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

[1988] 2 Lloyd's Rep. 250

COURT OF APPEAL

Before Lord Justice O’Connor, Lord Justice Lloyd and Lord Justice Nicholls

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.