The ICC Banking Commission’s quarterly meeting, held via Zoom on 5 August 2025, covered three draft opinions, updates on Technical Advisory Briefings, and the status of the ISBP Revision and ISBP Education Project.
From courtrooms in Illinois to conference halls in Singapore, this issue unpacks the rulings, risks, and rule debates in today’
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?
Did the standby LC provide sufficient protection to the judgment creditor?
Following a jury trial, Prisoner Transport Services of America (Applicant) caused Pinnacle Bank (Issuer) to issue a USD 595,254.50 irrevocable standby letter of credit in favor of Darren Richardson (Beneficiary) to secure the judgment awarded to Beneficiary as Applicant sought a stay of judgment and post-trial relief. To obtain payment, Beneficiary was required to present to Issuer:
(1) an ‘original or certified copy of th[e] Letter of Credit;’ and (2) a certified copy of a court order stating (a) that the judgment entered is final and can no longer be appealed, (b) that [Beneficiary] has demanded payment from [Applicant], (c) that more than ten days have elapsed without [Applicant] paying up in full, and (d) what [Beneficiary] is owed.
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