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A letter of credit as security for pre-judgment remedy--beware of the expiration date. (Business Law).
Introduction
A letter of credit (LC) can be an effective device to secure payment of an obligation of a debtor to a creditor. An LC beneficiary obtains payment by presenting to the issuing bank all of the documents required by the LC. The beneficiary's presentation of documents to the issuing bank must be made prior to expiration of the LC. If an LC beneficiary is unable to present all of the required documents before the LC expires, the beneficiary may nor be able to rely on the LC as a source of payment.
That is precisely what happened in the Chapter 11 case involving Dairy Mart Convenience Stores Inc. ("Dairy Mart"). An LC was supposed to secure a ...
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...noncomplying documents to the LC issuing bank may still receive payment on...of China, a Texas case, the LC issuing bank messed up. The bank had failed...is the agreement between the LC issuing bank and the applicant/account party...
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- Magazine article from: Business Credit Nathan, Bruce S. October 1, 1999 700+ words
...noncomplying documents to the L/C issuing bank may be saved from its own mistakes and...American seller to look to the L/C issuing bank instead of the Mexican buyer for payment...transport and insurance documents, to the issuing bank for payment, the issuing bank must...
- Letter of credit beneficiary beats issuing bank based on conforming documents...
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Introduction A letter of credit issuing bank must pay a letter of credit beneficiary...beneficiary had sued the letter of credit issuing bank for wrongful dishonor of the beneficiary...transport and insurance documents, to the issuing bank for payment, the issuing bank ...
- Card-Issuing Bank
- Encyclopedia entry from: Gale Encyclopedia of E-Commerce January 1, 2002 700+ words
CARD-ISSUING BANK Card-issuing banks issue credit...obtains approval from the card-issuing bank at the time of the transaction. A...processor sends the request to the card-issuing bank, which either issues an approval...
- OPENS CARD BANK.(Blair Corp. opens a credit card issuing bank called JLB...
- Newspaper article from: Cardline August 29, 2003 700+ words
...Blair Corp., a Warren, PA, direct marketer of men's and women's clothes and home products, has opened a credit card issuing bank, company officials announced recently. The bank, JLB Service Bank, is a Delaware corporation that has been approved for...
- Exporters must ensure coordination of Incoterms and documentary requirements...
- Magazine article from: Business Credit Reilly, Kevin June 1, 2005 700+ words
...goods under its aegis to the issuing bank. This contrivance allows the issuing bank to maintain an interest in...industry, in the agency of the issuing bank, its correspondent or surrogate (in the case of an LC which is freely negotiable...
- InfiCorp Opens Credit Card Issuing Bank in Atlanta
- Press release article from: PR Newswire April 28, 1998 700+ words
ATLANTA, April 28 /PRNewswire/ -- InfiCorp Holdings, Inc. announced today the opening of a limited-purpose bank for issuing credit cards in association with clients. InfiBank is chartered in Georgia, headquartered in Atlanta and insured by the Federal Deposit Insurance Corporation. William Farr III
Source: HighBeam Research, A letter of credit as security for pre-judgment remedy--beware of the...