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 Supreme Court of New York issued decisions granting summary judgment to BNP Paribas for more than USD 46 million plus interest against Natixis.
On 7 January 2022, the Supreme Court of the State of New York, County of New York, Commercial Division, issued two decisions, granting summary judgment to BNP Paribas, Singapore Branch, for more than USD 46 million plus interest against Natixis, New York Branch.
The decisions involved two related cases. The first, Natixis, New York Branch v. BNP Paribas, No. 651510/2020, slip op. (N.Y. Sup. Ct. Jan. 7, 2022), was brought by Natixis for a judgment declaring it was entitled to set off a debt from a payment made to BNP under an LC. The second, BNP Paribas, Singapore Branch v. Natixis, New York Branch, No. 651764/2020, slip op. (N.Y. Sup. Ct. Jan. 7, 2022), was brought by BNP for summary judgment in lieu of complaint for the balance of the amount drawn.
The court held that Natixis had failed to raise an issue of fact, that it had waived any right of setoff, and it was too late for Natixis to claim now that BNP was not a holder in due course. Accordingly, the court awarded judgment to BNP.
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
In an attempt to clarify aspects of UCP600 Article 10, the ICC Banking Commission has issued its 10th Technical Advisory
Upon request of its customer, Lummus Technology Heat Transfer B.V., Credit Agricole Corporate & Investment Bank issued a letter
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