US UCC Article 5’s Non-Variable Provisions
How UCC Article 5 governs letters of credit in the US, its non-variable provisions, and the legal nuances that affect issuers and beneficiaries.
The appeal in Zenrock. In a crude oil transaction, a bank issuing an LC accused the buyer of fraud, leading to dishonor of the LC; however, the court ruled in favor of the seller...
Local Guarantor petitioned for rehearing from the Supreme People’s Court of order for Counter Guarantor to terminate payment to Local Guarantor for having committed guarantee fraud and not acting in “good faith”.
Within the recent past, trade finance banks have suffered billions in losses due to fraud. This has obliged many banks to reconsider their role in financing trade flows whilst others have simply abandoned the business. Citing Glencore, Navig8 Armetrine, and Hin Leong
Prominent Chinese lawyer Saibo Jin alerted delegates at the IIBLP Annual Survey of LC Law & Practice in Hong Kong
Unreimbursed LC Issuer alleged sham transaction between Beneficiary and insolvent Applicant.
A look into application of US UCC Article 5 for letter of credits outside of the United States
For the 31st consecutive year, the Institute of International Banking Law & Practice conducted its Americas Annual LC Survey conference, 8-9 June 2023.
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