How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
This Executive Summary provides an overview of topics discussed and debated by leading professionals at the conference.
For the 25th consecutive year, the Institute of International Banking Law & Practice conducted its Annual LC Survey conference for the Singapore LC market. Held on 9 May 2024 and hosted by Baker McKenzie, the program was organized as a hybrid event, permitting attendees to join in-person or virtually.
In a troubling paradox, one LC specialist noted that criminals are continuing to utilize letters of credit for fraudulent purposes while LC use is declining among reputable companies who are instead seeking forms of pre- and post-financing more than ever. Another specialist countered that LCs reflect what’s happening in the world and in wartime there is need for the LC as a risk mitigating device. They are seeing an increase from corporates for confirmed LCs from the export side.
From an operations perspective, the ratcheting up of regulatory expectations (vessel tracking, price checking, etc.) is vexing. This has led to lengthy LCs with sanctions clauses and increased reliance on letters of indemnity (LOIs). One experienced manager acknowledged that AI is here to stay and urged bankers to embrace AI as a means of coping with regulatory expectations.
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
![Pacific Atlantic Pipeline Construction Inc. v. Coastal Gaslink Ltd. [2024]](/content/images/size/w30/2024/08/pacific-atlantic-pipeline-case-summary-dcw.jpeg)
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
![Eurobank Ergasias S.A. v. Bombardier Inc. [2024]](/content/images/size/w30/2024/08/eurobank-v-bombadier-court-case-dcw.jpeg)
The Canadian Supreme Court affirmed Quebec appellate and trial courts, upholding permanent injunction restraining Counter-Guarantor against payment of demand by Counter-Guarantee Beneficiary.
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