Optopics Laboratories Corporation v. Savannah Bank of Nigeria, Limited
United States District Court for the Southern District of New York
816 F. Supp. 898 (1993)
Relevant factsFree
Savannah's letter of credit, issued to guarantee payment for medication shipped to a Nigerian importer, required payment in USD in New York, but a new Nigerian government policy prevented Savannah from obtaining the necessary foreign currency exchange after the exporter failed to file a required claim, so Savannah did not pay, and the exporter's assignee sued in New York.
IssueFree
Whether the act-of-state doctrine bars a lawsuit to collect a debt from a foreign entity if payment on the debt is due in the United States.