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Standby letters of credit and the strict compliance standard: the case of the overstated sight draft.(credit column)
INTRODUCTION
A standby letter of credit is a security device where the bank or other entity issuing the letter of credit agrees to pay a letter of credit beneficiary that presents all of the documents conforming to the requirements of the letter of credit. A standby letter of credit usually requires the presentation of documents that evidence a default in the underlying transaction between the letter of credit beneficiary and typically a third party that arranges for the issuance of the letter of credit--the letter of credit applicant.
One of the central tenets of letter of credit law is the doctrine of strict compliance. It requires the letter of credit ...
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Byline: M.Williams I READ with interest the letter from George Powell of West Derby (ECHOLetters,November 4...not many police officers were in evidence. The wardens are a credit to the council who have,at last,got something right. M...
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I was disappointed by the letter from GenderWatch (12 May). Grameen Bank borrowers came up with...position in Bangladesh to change but I am convinced that micro-credit will be a key factor. Penny Lock Alvechurch, Birmingham
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- Newspaper article from: Albany Times Union (Albany, NY) August 27, 1994 700+ words
...CERMAK Staff writer SCHENECTADY An open letter signed by 26 clergy has been sent to Mayor...for the people of Schenectady,'' the letter reads in part. Last week, Duci said...to expand as summer vacations end. The letter states that Mills has earned the confidence...
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- Magazine article from: Business Credit Nathan, Bruce S. March 1, 2003 700+ words
Introduction A letter of credit can be an effective device to secure payment of an obligation. A letter of credit beneficiary obtains payment by presenting...of the documents required by the letter of credit to the letter of credit issuer...