Standby & Guarantee Forum: November 4 Event Slide Presentations: * Treasury, Working Capital & RIsk Management * Case Closed- Lessons from SBLC
US Rev UCC 5-108(g) states: “If an undertaking constituting a letter of credit under Section 5‑102(a)(10)
Developer Greth Development secured a letter of credit from Tompkins Financial to ensure completion of a townhouse project for Windsor Township. After project delays and a breach, Windsor sued the developer and demanded payment from Tompkins, who refused.
Lessee sued Lessor/Owner Trustee for breach of contract and conversion.
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?
Plaintiff asserted a claim under Massachusetts’ adoption of UCC Article 5-109 (Fraud and Forgery).
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