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.
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...
I am somewhat surprised that it seems that most banks are resisting issuing standby letters of credit that allow beneficiaries to present documents as scans attached to an email.
Russell Hearld of Sugar Land, Texas, has been sentenced for wire fraud related to a scam involving a standby letter of credit.
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