DCW Updates
DCW Monthly: August 2025
From courtrooms in Illinois to conference halls in Singapore, this issue unpacks the rulings, risks, and rule debates in today’
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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DCW Articles
LCs That Contain a Law and Jurisdiction Clause
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?
DCW Articles
Charter Party Bill of Lading (CPBL) Operations: Navigating Risks and Mitigation Measures
CPBLs, governed by UCP600 Article 22 and addressed in several ISBP821 paragraphs, are required under credits for certain types of shipments. It is important to appreciate the operational aspects, risks, and risk mitigation techniques of CPBLs.
DCW Updates
ISBP Revision at a Crossroads
The ICC Banking Commission sent out its comments on ISBP Revision Draft 3 feedback received from 19 ICC National Committees
DCW Updates
Questions about the ICC Opinion Handling Process
The ICC Banking Commission’s “ICC Official Opinion Handling Procedure and Terms of Reference”, last updated in June 2023, sets