Recent Developments in the Bankruptcy Treatment of Letters of Credit Under Commerical Real Estate Leases

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Several recent bankruptcy decisions highlight important concerns for the rights of commercial landlords under letters of credit furnished to assure the payment of tenant obligations. Richard Levy, Chairman of Pryor Cashman's Bankruptcy Group, reviews these decisions and their implications in an article entitled "Recent Developments in the Bankruptcy Treatment of Letters of Credit Under Commercial Real Estate Leases."

The article was originally published in The Practical Real Estate Lawyer and has now been updated and appears in The Practical Real Estate Lawyer's Manual on Commercial Leasing in Troubled Times: Forms, Checklists and Advice, published by the ALI-ABA in March 2009.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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