Letters of Credit

摘要

This survey concentrates on the most significant letter of credit ("LC") issues addressed in cases decided in the United States in the year 2012. Pre-honor cases are those in which a dispute arises before demand for payment under an LC has been honored by the issuer of the LC. These actions typically involve a beneficiary or other presenter claiming wrongful dishonor, and they focus on: (ⅰ) whether timely and sufficient notice of dishonor was given, (ⅱ) whether the discrepancies stated in that notice justify dishonor, or (ⅲ) whether there are extraordinary reasons requiring or permitting dishonor, such as forgery or material fraud, injunction, governmental order, or insolvency.