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Letter of credit issuer not entitled to payment of surplus funds drawn by beneficiary. (Credit Column).
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 all of the documents required by the letter of credit to the letter of credit issuer.
The independence principle is one of the foundations of letter of credit law. If a letter of credit beneficiary presents all of the documents required by the letter of credit, the letter of credit issuer must pay the beneficiary. What happens if the beneficiary presented all of the required documents, but received more from the letter of credit issuer than the beneficiary was owed under its contract with the account ...
- Letters of credit: the magic wand for minimizing international credit risks?
- Magazine article from: Business Credit Brinkman, Daren R. November 1, 1997 700+ words
...letters of credit are standby letters of credit and direct pay letters of credit. Most letters of credit fall under the direct...transaction secured by a direct pay letter of credit, the beneficiary and account party expect the issuer to honor...
- Letters of credit: another case when the LC issuing bank must pay despite...
- Magazine article from: Business Credit Nathan, Bruce January 1, 2002 700+ words
...goods. When the letter of credit is the...buyer is the LC account party or applicant and...the applicant/account party, such as a buyer...agrees to issue a letter of credit based...LC applicant/account party/buyer agrees...
- Our letters are not their bonds: the differences between a bank letter of...
- Magazine article from: The RMA Journal McIntyre, Marla Strischek, Dev February 1, 2006 700+ words
...to provide letters of credit...them. The Letter of Credit The...customer--the account party--to meet...two types of letters of credit--the commercial letter of credit and...to as trade letter of credit...performance by the account party. All LCs, including ...
- A letter of credit as security for pre-judgment remedy--beware of the...
- Magazine article from: Business Credit Nathan, Bruce S. July 1, 2002 700+ words
Introduction A letter of credit (LC) can be...you will see. What Is a Letter of Credit? An LC is an...the buyer is the LC account party or applicant and the bank...and the LC/applicant/account party/buyer agrees to reimburse...
- Letters of credit in leasing transactions
- Magazine article from: Equipment Leasing Today McCurnin, Thomas E February 1, 1996 700+ words
...and domestic trade, letters of credit have been...residual value. The letter of credit is an independent...lessee, called the account party, to pay the lessor...are five principles of letter of credit law, which...essential to understanding letters of credit and appreciating...
- Letters of credit offer advantages for landlords. (An Advertising Supplement to...
- Magazine article from: Los Angeles Business Journal Winick, Kimberly S. November 4, 2002 700+ words
...increasingly are taking letters of credit rather than...security deposits. Letters of credit can offer...gain the benefits letters of credit offer. A letter of credit supporting...are the tenant, as account party, the landlord, as...
- A landlord wins the battle over a letter of credit in bankruptcy court, but the...
- Magazine article from: Business Credit Larsen, Stuart L. April 1, 2006 700+ words
Letters of credit are fundamental...in the basics of letters of credit. A letter of credit is a...parties: (1) an account party (the tenant...characteristic of a letter of credit is the...has stated: "Letters of credit are designed...
- Aquagold International Announces First Order From New Importer Under...
- Press release article from: M2 Presswire May 4, 2009 700+ words
...credit from a new account party in China. Aquagold...of an irrevocable letter of credit advised...last year, is the account party and importer in China for the letter of credit and product...similar irrevocable letters of credit for export...
Source: HighBeam Research, Letter of credit issuer not entitled to payment of surplus funds...