This treatise addresses all standby and commercial letter of credit problems and provides guidance through the case law under UCC Article 5. Establishing, amending, and terminating the letter of credit is discussed in detail.

This single-volume work provides a reference for anyone involved in transactions requiring standby letters of credit. It offers sample documents and clauses, discusses the new Federal Reserve risk-based capital guidelines, and recent court cases involving standby letters of credit.

Standby and Commercial Letters of Credit, Third Edition alerts you to current developments and discusses the recent UCP600, former UCP500, ISP98, UCC Article 5, and current trade practices and problems. The authors review letter of credit law and practices, helping to resolve concerns of applicants, beneficiaries, and issuers. This essential resource includes: Sample forms and clauses, procedures and checklists Current court cases and extensive Table of Cases What can happen to letters of credit in bankruptcy and insolvency proceedings Fraud and injunction nightmares Cross-reference table UCP600 and UCP500 Strategies for bank reimbursement agreements Standby and Commercial Letters of Credit, Third Edition gives you immediate guidance when you need it most. And it supplies real-world letters of credit situations, with analyses of what was done right and wrong.