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.
Analysis of Natixis, New York Branch v. BNP Paribas case. Insights on acknowledging notice of assignment, setoff rights, and lessons for LC issuing banks. Learn more about structuring SBLCs effectively
The BNP v. Natixis case involved the assignment of letter of credit (LC) proceeds and nomination under an LC, raising legal considerations. The court ruled in favor of the assignee (BNP), stating that Natixis waived any right to setoff when accepting the assignment. A Chinese law view
The Supreme Court of New York issued decisions granting summary judgment to BNP Paribas for more than USD 46 million plus interest against Natixis.
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