This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Writing as a trade finance professional with a long background in the business, Dave Meynell offers his personal views on factors contributing to the sharp reduction in ICC Official Opinions issued over the past several years.
With the causation defence being increasingly engaged in misdelivery cases, there is a great deal for banks and shipowners to learn from The “Maersk Katalin” case.
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]]
This month, DCW unpacks the legal and practical shifts reshaping trade finance interpretation. Why are ICC Opinions becoming increasingly scarce?
Four years after the Association of Banks in Singapore (ABS) roll out of a “Code of Best Practices – Commodity Financing”
Most specialists in the trade finance industry are well aware of multiple court cases in recent years – many from Singapore
In a recent discussion, LC specialists were asked if they would be willing to issue a standby LC subject to
Gain full access to analysis, cases, eBooks and more with a DCW Free Trial
