Q3 2025 CPD Certificates Available
DCW members earn CPD credit each quarter. Following the first certificate released earlier this year, your Q3 2025 certificate is
August 2025
Automatic Extension LC Issues
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.
6 min read
Under Article 5 of the Uniform Commercial Code (UCC) in effect in all states of the United States, the statute of limitations or time to bring an action against an issuing bank for a wrongful dishonor of its letter of credit is normally one year from the later of the expiry date of the LC or the date of the wrongful dishonor.[[1]]
What happens if there is no expiration date stated in a standby LC and by its terms it continues to be outstanding or auto-extends for one-year periods until notice of non-extension is given prior to the then current extended expiration date?
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September 2025
A Comparison of URDG 758 and UN Guarantee Convention
URDG 758 and the UN Guarantee Convention both address independent guarantees and in many respects their content is similar, but differences exist in their areas of focus.
DCW Articles
Delhi High Court Decides for Beneficiary. What Took So Long?
The Indian judicial process can move at a sluggish pace, but the facts of this LC case suggest it should not have lingered. Ashish Madan considers the discrepancies and asks questions if other factors contributed to the delay.
DCW Articles
New York Legislature Passes 2022 UCC Amendments
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.
DCW Articles
The UK’s New “Failure to Prevent Fraud” Law
The UK "Failure to Prevent Fraud" law presents challenges for global banks operating in the UK. Read how the law applies, and generally what banks should be doing to comply.
