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.
As part of an underlying trade between PT Borneo Guna Energi (Seller), an Indonesian company, and Oilboy DMCC (Buyer), a Dubai, UAE company, Kuvera Resources Pte Ltd. (Trader), a trader of Indonesian coal based in Singapore, advanced funds to Seller for purchase of 35,000 metric tonnes of coal (± 10%) to resell to Buyer (the Sales Contract). Trader was party to the Sales Contract which required that the coal be delivered in two shipments and payment made by two letters of credit obtained by Buyer from “a major or international bank” and further confirmed by a bank in Singapore. Accordingly, Buyer/Applicant caused Issuer, based in Dubai, to issue two UCP600 letters of credit of favour of Trader/Beneficiary (hereinafter “Beneficiary”) with terms pursuant to draft LCs attached to the Sales Contract.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
![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.
![Eurobank Ergasias S.A. v. Bombardier Inc. [2024]](/content/images/size/w30/2024/08/eurobank-v-bombadier-court-case-dcw.jpeg)
The Canadian Supreme Court affirmed Quebec appellate and trial courts, upholding permanent injunction restraining Counter-Guarantor against payment of demand by Counter-Guarantee Beneficiary.
![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.
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