Intrinsic Values Corp. v. Superintendencia De Administracion Tributari

806 So.2d 616 (2002)

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Nature of the Case

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Facts

P entered into a contract with D, a Panamanian corporation, for the purchase of automobile license plates, decals and identification cards. Banco de Guatemala issued irrevocable letters of credit for D's benefit. First Union National Bank and Barclays Bank, PLC, were the confirming banks. D failed to supply the goods. P unilaterally canceled the contract and filed an action against D in Guatemala. The court issued an injunction barring Banco de Guatemala from paying on the letters of credit. P brought an action in Florida to prevent First Union and Barclays from honoring the letter of credit. P asserted that it had canceled the contract due to D's failure to perform according to contract specifications, that the Guatemalan injunction was in force, and that honor of any presentment would facilitate a material fraud. D was not named in the complaint, nor served with notice. D sought payment under the letter of credit and learned of the injunction. D intervened and sought an order dissolving the injunction. The motion was denied. D appealed.