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.
First quarter 2022 financial results released by AerCap, the world’s largest aircraft leasing company, indicate it has recognised a USD 2.4b net charge related to the Russian invasion of Ukraine.
IRELAND: First quarter 2022 financial results released by AerCap, the world’s largest aircraft leasing company, indicate it has recognised a USD 2.4b net charge related to the Russian invasion of Ukraine. As of 1Q22 end, AerCap has recovered about 17% of its aircraft and engines leased to Russian airlines prior to Russia’s February 2022 invasion of Ukraine.
Supporting these leased aircraft and engines, AerCap had LCs valued at USD 260m “confirmed by nine financial institutions in Western Europe” of which it has received USD 210m.
AerCap has “initiated legal proceedings against one financial institution” which rejected its payment demands under certain LCs. AerCap also indicated that it has filed an insurance claim of USD 3.5b for its assets leased to Russian airlines.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
This Executive Summary provides an overview of topics discussed and debated by leading professionals at the conference.
Five draft opinions – some garnering much more attention than others – were finalized in an ICC Banking Commission quarterly discussion session
Following the discussion of ICC Opinions on 2 July 2024, updates on other ICC Banking Commission projects were given. ICC
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