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 evolution from traditional paper Bills of Lading to electronic formats, detailed in ICC Opinion TA.929, reflects a seismic shift; as eB/Ls gain traction through digital platforms like Bolero and pioneering blockchain technology, legal recognition and harmonization lag.
Three Draft Opinions were presented for discussion at the ICC Banking Commission’s latest quarterly meeting on 31 January 2023.
Three Draft Opinions will be addressed at the next session of ICC Banking Commission’s quarterly discussion of Opinions on
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