News & Analysis as of

Letter of Credit

Situs of Debt Owed under Letters of Credit

Supreme Court of England clarifies terms for enforcement of international arbitral awards in Taurus Petroleum Limited v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq [2017] UKSC 64 - The English...more

Location, location, location – situs of the debt owed under letters of credit – Taurus Petroleum Limited v. State Oil Marketing...

by Dentons on

This judgment of the Supreme Court was given in the context of proceedings to enforce an arbitration award. It is interesting in its consideration of...more

TD Bank and Sanctions Violations

by Michael Volkov on

Sanctions enforcement continues to be a significant risk. With the focus on unraveling elaborate corporate ownership schemes, the risk of conducting business with sanctioned individuals or entities is increasing....more

Court of Appeal Re-affirms the Importance of the 'Autonomy Principle' of Letters of Credit

by Reed Smith on

Fraud is rarely proved in practice. So a High Court decision in 2016 which prevented payment under a standby letter of credit (the “SBLC”) on the basis that the demand presented under the SBLC was untrue and fraudulent caused...more

Standby letters of credit, complying demands and the fraud exception – Court of Appeal restores certainty and commercial common...

by Dentons on

In two appeals on the validity of demands under standby letters of credit (SBLCs) and the application of the fraud exception, the Court of Appeal has ruled in each case that...more

Letters of Credit: Autonomy Principle is Re-confirmed

by White & Case LLP on

The Court of Appeal has confirmed the "autonomy principle" of letters of credit under English law, holding that PetroSaudi Oil Services (Venezuela) Ltd ("PetroSaudi") and its director and General Counsel, Mr Buckland, had...more

Recent cases on standby letters of credit – does the issuing bank have to pay?

by Dentons on

Late 2016 saw three English court rulings on whether issuing banks were obliged to pay against what, on their face, appeared to be complying demands under standby letters of credit (SBLCs). These cases were...more

Technology Law Newsletter

by Buchalter on

As this election year draws to a close, forecasting the future is a topic of discussion, not only in political circles, but in technology circles as well. To chart the best way forward, it is important to understand...more

[Webinar] The Revised Financial Responsibility Standards - December 1st, 12:00pm CT

by Thompson Coburn LLP on

Among the significant changes made by the new rules are revisions to the financial responsibility standards that apply to private institutions (both nonprofit and proprietary). The regulation creates a significant number of...more

Policy for Employee Theft Including Forgery Doesn’t Cover Employee Forgery

by Faegre Baker Daniels on

A seller extends $90 million in credit to a customer, secured by letters of credit. When the debtor can’t pay, the seller discovers the instruments are fakes, forged by its own employee. Can the seller recover under a...more

[Webinar] Proposed Changes to the Financial Responsibility Standards - August 31st, 12:00pm CST

by Thompson Coburn LLP on

Among the significant changes proposed by the Department are revisions to the financial responsibility standards. The proposed regulation would create a significant number of new “triggering events” that would automatically...more

USA FDI News - April 2016

by Williams Mullen on

USA FDI News highlights the FAQs arising from your projects - from how to finance a deal to selecting the right visa or tax strategy and more. We want to keep USA FDI News interactive and relevant to your international...more

Alert: ED Adds New Letter of Credit Requirements to Student Loan Negotiations

by Cooley LLP on

The US Department of Education and appointed negotiators representing higher education and legal groups are preparing for the second round of negotiations to expand the "Borrower Defense to Repayment" regulations, with the...more

A Brief Look At Common Construction Loan Credit Enhancements

by Poyner Spruill LLP on

As the competition for construction loan projects remains at unprecedented levels in much of the country, lenders are frequently being asked to waive, modify or re-visit their standard construction loan credit enhancement...more

UBS Puerto Rico, Others Tied to SEC Fraud Action

by Dorsey & Whitney LLP on

When the bond market collapsed in Puerto Rico many clients at UBS Financial Services Incorporated of Puerto Rico had significant losses. Many had purchased shares of UBS PR closed-end funds or CEFs. UBSPR had been selling...more

Successful Strategies for Doing Business in Asia: Thailand (Updated)

WHAT ROLE WILL THE GOVERNMENT OF THAILAND PLAY IN APPROVING AND REGULATING FOREIGN DIRECT INVESTMENT? The Thai government regulates foreign direct investment by requiring foreign investors to obtain approval from the...more

Successful Strategies for Doing Business in Asia: Taiwan (Updated)

WHAT ROLE WILL THE GOVERNMENT OF TAIWAN PLAY IN APPROVING AND REGULATING FOREIGN DIRECT INVESTMENT? Three types of Taiwan government approval requirements may be relevant to direct foreign investment in Taiwan: •...more

Successful Strategies for Doing Business in Asia: Korea (Updated)

WHAT ROLE WILL THE GOVERNMENT OF KOREA PLAY IN APPROVING AND REGULATING FOREIGN DIRECT INVESTMENT? The Korean government takes an active, investor-friendly role in approving and regulating foreign direct investment....more

Business Litigation Report - July 2015

Introduction - Issue preclusion is a familiar concept to most practicing attorneys. Under this doctrine, “later courts should honor the first actual decision of a matter that has been actually litigated.” Charles Alan...more

Bank payment obligations and the URBPO – an update

by Dentons on

Two years ago, the International Chamber of Commerce launched the URBPO – the Uniform Rules for Bank Payment Obligations. Since then, the market has been increasingly using bank payment obligations (BPOs) as an alternative to...more

OCC Takes a Page from the CFPB’s Playbook on Overdraft Programs

by Morrison & Foerster LLP on

On February 11, 2015, the Office of the Comptroller of the Currency (“OCC”) issued an “updated” installment to the Comptroller’s Handbook in a new booklet entitled “Deposit-Related Consumer Credit.” In doing so, the OCC stole...more

Energy Newsletter - December 2014

by King & Spalding on

In This Issue: - Plans to build the first coal gasification plant in Britain - Letters of credit, on-demand bonds, and the "fraud exception" - Argentina amends its hydrocarbons law to boost exploration...more

Letters of credit, on-demand bonds, and the "fraud exception"

by King & Spalding on

On the 9th of September 2014, the Privy Council in the United Kingdom delivered a judgment in Alternative Power Solution Ltd. v. Central Electricity Board reaffirming the established principle that, other than in cases of...more

Credit Escalation Clauses in Letters of Credit

by Reed Smith on

It is increasingly common to have a ‘credit escalation clause’ in a documentary letter of credit (“LC”) relating to the sale and purchase of crude oil and petroleum products. This alert, which follows alert 13-215 Letters of...more

Letters of Credit and Commodities Contracts – Best Practices Revisited/Optional Confirmation

by Reed Smith on

In this client alert, we revisit some best practices for using documentary letters of credit as the payment mechanism under commodities contracts. We also look at L/C confirmation and confusion which can arise with "may...more

28 Results
|
View per page
Page: of 2
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.