US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
Seventeen customs officials and nine bank employees have been detained in Libya for their alleged involvement in a LYD 1.2 billion (USD 246 million) letter of credit fraud.
The question discussed centered on whether document examiners would pickup Short Drawing as a discrepancy since the LC does not permit tolerance in the amount and the amount drawn is less than the total value of the LC.
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