This is the thirtieth year for the publication of the Uniform Commercial Code (U.C.C.) Survey in The Business Lawyer. In reviewing the surveys of the past ten years, two recurring themes emerge: first, the continuing need to adapt the U.C.C. to changing patterns of commercial activity; and second, growing concern about the impact of increasing federal regulation on the U.C.C. Over the past year, we have seen developments occur on both fronts.

This survey concentrates on the most significant letter of credit ("LC") issues addressed in cases decided in the United States in the year 2011.

This Article focuses on the main issues in the principal letter of credit (LC) cases decided in the United States in 1992. Thus it conforms to the new format for the Uniform Commercial Code Survey while maintaining continuity with prior years' surveys. The cases divide roughly into those in which the beneficiary seeks honor and those in which the issuer, having honored, seeks reimbursement from the applicant or, failing that, recovery from the beneficiary.

This survey concentrates on the most significant letter of credit (“LC”) issues addressed in cases decided in the United States in the year 2002.