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.
English Court of Appeal (Civil Division) reversed trial judgments in favour of standby beneficiaries.
💡Kuvera Resources Pte Ltd. v. JPMorgan Chase Bank, N.A. [2023] [2023] SGCA 28 [Singapore] Type of Lawsuit: Beneficiary appealed
The Windsor Township v. Tompkins Financial Corp. case emphasizes the significance of original letters of credit but questions their necessity in modern electronic transactions.
Negotiating Bank sued LC Issuer for breach of reimbursement undertaking.
Honour, negotiation, and reimbursement – individually and collectively – are perhaps some of the least understood (or most misunderstood) terms in letter
The definition of “Banking Day” in UCP600 Article 2 ¶ 3 requires interested and affected parties to look outside the terms of the UCP to determine what days are actually banking days.
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