The law of letters of credit commercial and standby credits has been the leading treatise on the subject for over 30 years this expert resource guides you through the entire life cycle of the credit including such essential steps as establishing amending and terminating the credit and transfers and assignments. The law of letters of credit commercial and standby credits is the fourth edition of a traditional treatise on a rather narrow legal subject letters of credit fall into two categories 1 commercials which find use in international sales and 2 standbys that are a common device in many domestic transactions. Vol 11 p 742 the law applicable to international letters of credit by roger j gewolbt a letter of credit or credit is one of the most flexible payment devices known to the business world credits are fre. Last summer the uniform commercial codes sponsoring agencies adopted a new letter of credit article article 5 in addition courts have continued to fashion a common law of letters of credit the latest supplement to this treatise covered more than 400 cases that were decided after its publication. Letter of credit a written instrument from a bank or merchant in one location that requests that anyone or a specifically named party advance money or items on credit to the party holding or named in the document when a letter of credit is used repayment of the debt is guaranteed by the bank or merchant issuing it
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