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?
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.
A deceptive LC transfer leads a confirming bank to pay twice. Explore this trade finance fraud case from Abdurrahman Özalp’s book on international trade.
On appeal, Court considered whether trial court: erred in holding that Subcontractor/Applicant was contractually precluded from relying on the unconscionability exception; correctly held that Contractor/Beneficiary’s demand was not fraudulent; and erred in declining to discharge the injunction.
