Standby & Guarantee Forum: November 4 Cases: * Illinois DNR v. Regions Bank – DCW Analysis * DJY v. DJZ – Full Text * Litasco
US Rev UCC 5-108(g) states: “If an undertaking constituting a letter of credit under Section 5‑102(a)(10)
Landlord sued Lessee for use and occupancy of commercial lease.
To support commercial rent obligations, Soho Office Suites, LLC (Lessee/Applicant) applied for and obtained a USD 449,895.85 letter of credit in favor of Majestic Rayon Corp. (Landlord/Beneficiary).[[1]] No details were provided regarding the LC issuer or whether the credit was subject to practice rules. Pursuant to the lease, Lessee/Applicant was also required to replenish “upon ten days’ notice” any sums drawn down by Landlord/Beneficiary in the event of lease defaults.
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