The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
Potentially game-changing amendments have been proposed for the Uniform Commercial Code (UCC) to govern commercial transactions, including Articles 2 (Sales), 3 (Commercial Paper), 5 (Letters of Credit), and more.
The historical challenges of suretyship in English law, emphasizing the need for modernizing guarantee forms. Recent cases, like Shanghai Shipyard, underscore the importance of clarity.
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
