DCW maintains a list of recently-decided court cases involving commercial letters of credit, standby LCs, demand guarantees, and other trade
This month, we sort through some of the big questions shaping LC practice today. Is it time to rewrite UCP
Following his writing in the past two editions of DCW, Robert Parson examines legal developments on sanctions and sanctions clauses that have arisen in courts recently and implications for LC practice.
💡Celestial Aviation Services Ltd. v. Unicredit Bank, London Branch 2023 EWHC 1071 Type of Lawsuit: Subsequent hearing on an ancillary
Seller/Beneficiary moved for default judgment; Issuer alleged previous order required correction.
Issuer sued Applicant for reimbursement.
Unreimbursed LC Issuer alleged sham transaction between Beneficiary and insolvent Applicant.
Vessel Owner appealed summary judgment granted to unreimbursed Issuer that alleged misdelivery. -- footnote 4 link to other case?
This paper explores vessel risk based upon whether Group Ownership information is known or unknown for each vessel alongside identified compliance behavior.
Beneficiary Lodged Creditor's petition against insolvent Non-Bank Issuer alleging wrongful dishonour.
Beneficiary argued that LCs are not contracts or leases and that FDIC as Receiver of closed Issuer lacked the authority to repudiate.
Developer Greth Development secured a letter of credit from Tompkins Financial to ensure completion of a townhouse project for Windsor Township. After project delays and a breach, Windsor sued the developer and demanded payment from Tompkins, who refused.
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