Facts
In 1995, the Italian company Y. SpA gave the Geneva branch of the French bank X. SA the irrevocable order to transfer the sum of 440,000 US$ to the account of company A. Ltd within 45 days, if the bank did not receive an irrevocable letter of credit of 2,000,000 US$ in favor of A. before March 20, 1995. On March 10, 1995, Y. handed over a check for 440,000 US$ to the bank to cover this order. However, the bank did not make the payment within the 45-day period due to insufficient coverage. By letter dated June 14, 1995, Y. revoked all instructions given in connection with its account. Despite this revocation, the bank made the transfer of 440,000 US$ on June 28, 1995.Considerations
According to the Federal Tribunal, the legal qualification of the transfer order of March 3, 1995 must be made according to Swiss law, in the absence of a choice of law. This order constitutes an assignment within the meaning of Art. 466 CO, governed by Swiss law by virtue of Art. 117 PILA.
Y.'s revocation of the assignment on June 14, 1995 was valid under Art. 470(2) CO,…