September Roundup
September's DCW is live! We have an exciting fresh batch of content that's just launched. Scroll
Does an NY court have jurisdiction over an Indian collecting bank that is alleged to have violated the URC 522 for neither collecting and remitting funds to pay for shipments?
Unreimbursed LC Issuer alleged sham transaction between Beneficiary and insolvent Applicant.
Vessel Owner appealed summary judgment granted to unreimbursed Issuer that alleged misdelivery. -- footnote 4 link to other case?
Beneficiary Lodged Creditor's petition against insolvent Non-Bank Issuer alleging wrongful dishonour.
Beneficiary argued that LCs are not contracts or leases and that FDIC as Receiver of closed Issuer lacked the authority to repudiate.
The Windsor Township v. Tompkins Financial Corp. case emphasizes the significance of original letters of credit but questions their necessity in modern electronic transactions.
Developer Greth Development secured a letter of credit from Tompkins Financial to ensure completion of a townhouse project for Windsor Township. After project delays and a breach, Windsor sued the developer and demanded payment from Tompkins, who refused.
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