Because standbys and demand guarantees often contain automatic extension clauses, ICC Opinion TA954 offers important lessons for practice and the need for sound drafting of such clauses.
Paul M. Roder co-chairs the Banking and Finance group at Moses & Singer LLP. He represents lenders and borrowers in sophisticated financing arrangements, including trade finance and letters of credit.
Enactment of the 2022 Amendments to the Uniform Commercial Code updates New York’s commercial law to fully recognize electronic records. They also affirm that signed electronic letters of credit have the same legal effect as paper-based LCs.
