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.
The US Federal Home Loan Bank (FHLBank) system each released in February 2022 their unaudited financial results for year-end 2021.
The 11 regional banks that comprise the US Federal Home Loan Bank (FHLBank) system each released in February 2022 their unaudited financial results for year-end 2021. Among letter of credit-related figures highlighted by individual banks, FHLBank Chicago reported that its LC commitments decreased 31% to USD 11.3 billion at year-end 2021, down from USD 16.4 billion at year-end 2020, “primarily due to one of our former captive insurance company members reducing its letters of credit usage in connection with its membership termination in the first quarter of 2021.”
FHLBank Cincinnati announced a USD 5.8 billion increase in LC balances for 2021, primarily due to its members using LCs “to secure elevated levels of public unit deposits.” FHLBank Pittsburgh’s highlights for 2021 included letters of credit at USD 19.4 billion (for 2020, LCs were USD 19.7 billion).
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
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
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