This month’s edition emphasizes how seemingly small drafting choices and operational decisions can lead to substantial legal and compliance
At its first quarterly discussion session of 2026 on 27 January, the ICC Banking Commission finalized ICC Opinion TA958rev. It
Following its January 2026 quarterly discussion session, the ICC released on 11 February 2026 results and points of analysis from
Drawing on the China case, Luoyang Aviation, Saibo Jin examines the relationship between the transferred credit and the original credit.
In a past Chinese case concerning a transferable credit,[[1]] the Intermediate People's Court of Jingdezhen raised the question of whether the UCP credit in dispute was a transferred credit or a re-issued credit. Indeed, under Chinese legal terminology, a 're-issued credit' refers to an issuing bank’s issuance of a new, separate credit. In contrast, a 'transferable credit' involves transferring part of the original credit according to UCP600 Article 38. Therefore, from the perspective of this rule, the term 'transferable credit' is more accurate.
Like certain other terms used in the LC and guarantee field, “assignable” can mean different things to different parties. Glenn Ransier reviews what the practice rules say and the importance of clarity.
The views expressed by the authors in this publication do not represent their employers, any entity, government, or agency. Any
The legal consequences of backdating paper bills of lading under letters of credit and use of surrendered bills of lading emerge from the China case, Ningbo Nanheng Import and Export Co. Ltd. v. Shinhan Bank Co.
Banks that handle collections must not neglect the product and have proper controls in place to deal with the risks.
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