UCC Article 5
Application of US Uniform Commercial Code Article 5 in International Letter of Credit Transactions
A look into application of US UCC Article 5 for letter of credits outside of the United States
Lexon Insurance Co. v. FDIC [2021]
Beneficiary argued that LCs are not contracts or leases and that FDIC as Receiver of closed Issuer lacked the authority to repudiate.
Implications for Trade Finance of Proposed 2022 UCC Amendments
Potentially game-changing amendments have been proposed for the Uniform Commercial Code (UCC) to govern commercial transactions, including Articles 2 (Sales), 3 (Commercial Paper), 5 (Letters of Credit), and more.
Shanghai Shipyard, What Now for the English Guarantee?
The historical challenges of suretyship in English law, emphasizing the need for modernizing guarantee forms. Recent cases, like Shanghai Shipyard, underscore the importance of clarity.
Independent vs. Accessory Guarantees – a Tale of Two Cases: Shanghai Shipyard and Bank Audi
Different jurisdictional interpretations of guarantee law reinforce the need for practice rules in demand guarantee transactions.
A Chinese Perspective on Assignment of Proceeds and Nomination Matters in BNP V. Natixis
The BNP v. Natixis case involved the assignment of letter of credit (LC) proceeds and nomination under an LC, raising legal considerations. The court ruled in favor of the assignee (BNP), stating that Natixis waived any right to setoff when accepting the assignment. A Chinese law view
