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.
Although letter of credit payments of USD 841.21 million for the first half of 2023 were 12.3% higher than the USD 749.25 million amount for January-June 2022 period last year, LC payments of USD 291.1 million in second quarter 2023 fell precipitously (47%) from USD 549.22 million achieved in 1Q23, according to Central Bank of Nigeria data.
Reports indicate that analysts attribute the decline in LC payments over 2Q23 to Nigeria’s diminished external reserves was caused by weak crude oil output and inadequate foreign exchange inflows.
DCW reports quarterly LC issuance statistics from the top 600 banks headquartered in the U.S.
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
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