Given the success of practice rules and banks’ ability to more readily find resources for the proper interpretation of the rule sets, does it not make sense to avoid inclusion of a governing law or jurisdiction clause?
The recent case of Illinois DNR v. Regions Bank illustrates the importance of clear wording of automatic extension clauses and issuing banks including a final expiration date in their standbys.
Houthi attacks in the Red Sea have led to major disruptions in global trade routes. With increased criminal activity and reduced visibility, banks are under increased pressure to meet sanctions and counter terrorism requirements.
