The ICC Banking Commission returned to Dubai, UAE, for its 2025 Annual Meeting on 17 February. The one-day event was organized by ICC UAE and hosted by Dubai Chambers. In addition to those participating in-person, others attended virtually.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
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.
After an adverse judgment levied civil sanctions against Marshall Spiegel (Debtor) for vexatious and abusive litigation practices, Debtor/Applicant applied for and obtained a UCP600 supersedeas letter of credit from WinTrust Bank (Issuer) in favor of Eugene E. Murphy Jr. (Counsel/Beneficiary), an attorney representing the defendants, to stay execution. When the substantive decision was affirmed on appeal, Counsel/Beneficiary demanded payment on the LC; Issuer honored. After declaring insolvency, Debtor/Applicant filed objections to Issuer’s reimbursement claim in bankruptcy court, alleging Issuer wrongfully honored the demand. The Bankruptcy Court ruled against Debtor/Applicant, finding the presentation was sufficient.[[1]] Debtor/Applicant appealed. The US District Court for the Northern District of Illinois, Hunt, J., affirmed.[[2]]
The ICC Banking Commission returned to Dubai, UAE, for its 2025 Annual Meeting on 17 February. The one-day event was organized by ICC UAE and hosted by Dubai Chambers. In addition to those participating in-person, others attended virtually.
In the fifth instalment of his DCW article series on major contemporary issues surrounding documentary credit practice, ICC Banking Commission Senior Technical Advisor Dave Meynell offers his thoughts on the highly-charged question: Is it time for UCP to be revised?
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.
Beyond questions on the rule of strict construction of LC terms, the In re Spiegel case should engender a discussion of the requirements of UCP vs. ISP on what certified means with respect to a government or court-issued document.
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