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.
Global Shipping Business Network (GSBN), a technology consortium building blockchain- enabled operating systems geared toward global trade, announced two new proof-of- concepts for trade finance products on 4 May 2022.
Following a six-month collaborative effort with its partner institutions, GSBN’s Trade Finance Advisory Group said it has achieved proof-of-concepts for Open Account and Letter of Credit trade finance products that utilize trusted data directly from the shipping industry.
For Open Account, according to GSBN, “applicants can authorise their bank to directly inquire Bill of Lading data via GSBN’s blockchain-enabled platform for their proof of shipment.” Likewise for its Letter of Credit product, “applicants can authorise their bank to use an electronic Bill of Lading (eBL) application built on GSBN’s platform to acquire relevant eBL information and instruct a title
transfer.”
Incorporated in Hong Kong, GSBN is led by Bank of China (Hong Kong) Limited, DBS Bank, and The Hongkong and Shanghai Banking Corporation Limited (HSBC).
![Pacific Atlantic Pipeline Construction Inc. v. Coastal Gaslink Ltd. [2024]](/content/images/size/w30/2024/08/pacific-atlantic-pipeline-case-summary-dcw.jpeg)
Canada's Court of Appeal of Alberta affirmed trial judgment, dismissing LC Applicant's appeal and terminating short term interim injunction.
![Pacific Atlantic Pipeline Construction Inc. v. Coastal Gaslink Ltd. [2023]](/content/images/size/w30/2024/08/pacific-atlantic-pipeline-case-2023.jpeg)
Canada's Court of King’s Bench of Alberta denied injunction application of LC Applicant who sought to enjoin Beneficiary demand on standby LC.
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
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