Case raises important questions and concerns about a URDG guarantee issuer’s obligations and distinguishing an independent bank guarantee from an escrow account arrangement.
For the 26th consecutive year, the IIBLP conducted its one-day Americas Letter of Credit Law Summit. Held in New York City on 5 November 2025 and hosted by Baker McKenzie, the program was organized as a hybrid event. This Executive Summary provides an overview of key topics discussed and debated.
Two Indian banks which lost funds nearly a decade ago from fraudulently obtained letters of credit and non-payment of loans
For the 26th consecutive year, the IIBLP conducted its one-day Americas Letter of Credit Law Summit. Held in New York City on 5 November 2025 and hosted by Baker McKenzie, the program was organized as a hybrid event. This Executive Summary provides an overview of key topics discussed and debated.
From the heart of Manhattan, the opening panel first discussed New York’s adoption of the 2022 Amendments to the Uniform Commercial Code (UCC), including the new UCC Article 12 (Controllable Electronic Records), which are intended to create an equivalence between paper and electronic records. UCC Section 12-105 provides a new technology-neutral definition of “control” and how a person has control of a controllable electronic record. At this point, banks are in the process of building out or evaluating systems to handle CERs. The panel noted that the UK Electronic Trade Documents Act (ETDA) is similar in that electronic records have equivalence to paper documents if they are issued on a “reliable system”. Presently, there is no definition for this term and the ICC is exploring what would constitute a “reliable system”. For LC beneficiaries, the significance of this development cannot be understated. Prior to the 2022 Amendments, there could be uncertainty whether an LC issued by Docusign or electronic means other than SWIFT is enforceable in the US. The new law now makes it clear that electronic signatures are enforceable. Other panelists added that the 2022 Amendments are critically important for bill of exchange financing activities.
Case raises important questions and concerns about a URDG guarantee issuer’s obligations and distinguishing an independent bank guarantee from an escrow account arrangement.
Two Indian banks which lost funds nearly a decade ago from fraudulently obtained letters of credit and non-payment of loans
Further to prior reporting and analysis in DCW, New York Governor Kathy Hochul signed into law updates to New York’
For the 19th consecutive year, IIBLP conducted its Americas Standby & Guarantee Forum. Held in New York City on 4 November 2025 and hosted by Baker McKenzie, the program was organized as a hybrid event. This Executive Summary provides an overview of key topics discussed and debated.
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