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<a href="http://www.accessmylibrary.com/coms2/summary_0286-29012532_ITM" title="Facts and information about A landlord wins the battle over a letter of credit in bankruptcy court, but the bankruptcy trustee may be winning the war.(CREDIT COLUMN)(Case overview)">A landlord wins the battle over a letter of credit in bankruptcy court, but the bankruptcy trustee may be winning the war.(CREDIT COLUMN)(Case overview)</a>
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A landlord wins the battle over a letter of credit in bankruptcy court, but the bankruptcy trustee may be winning the war.(CREDIT COLUMN)(Case overview)
Letters of credit are fundamental for landlords seeking to obtain assurance of payment. Most landlords are well versed in the basics of letters of credit. A letter of credit is a written agreement to pay money that involves three parties: (1) an account party (the tenant); (2) an issuer (typically, a bank); and (3) a beneficiary (the landlord). The central characteristic of a letter of credit is the absolute obligation of the bank to honor a draw on the letter of credit properly presented by the beneficiary. The bank's obligation is independent of any underlying obligation or transaction between the landlord and tenant. (1) This "principle of independence" makes the letter ...
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