Get answers to all your letters of credit questions from the leading authority! In an area with an increasing amount of activity and litigation, the federal and state courts cite The Law of Letters of Credit: Commercial and Standby Credits frequently. This newly updated Fourth Edition is sure to maintain its status as the leading legal resource in this important area of the law.

Save Time and Reduce Risk with this Thorough and Practical Resource.

The Law of Letters of Credit: Commercial and Standby Credits has been the leading treatise on the subject for over 30 years. This expert resource guides you through the entire life cycle of the credit--including such essential steps as establishing, amending, and terminating the credit and transfers and assignments. The treatise combines all major U.S. and relevant international law in this area.

•  Transactional Focus. Written in an easy-to-follow, transactional form that clearly explains the mechanisms that underlie letter of credit activity, The Law of Letters of Credit makes it easy for you to establish, amend, terminate, and manage letters of credit throughout every stage of the credit.
•  Cutting-Edge Analysis. The treatise provides expert analysis of this complex body of law, and it delivers immediate benefits to parties entering into letter of credit transactions by making you better informed and helping you to better protect your clients.
•  Clear and Practical Analysis Based on Real-World Experience. The treatise delivers explanations and in-depth discussions of every facet of letters of credit in commerce and banking, both in international trade and in domestic commercial activity, and provides answers to all your letter of credit questions.
•  A Leading Authority. In an area with an increasing amount of activity and litigation, the federal and state courts frequently cite The Law of Letters of Credit: Commercial and Standby Credits.

Letters of credit are geared toward protecting the financial arrangement between buyers and sellers, and they do this well in good times and bad. The Law of Letters of Credit includes discussion of the following topics that are relevant to protecting parties' interests:

•  How the commercial letter of credit is used to support international sales
•  How standby credits are used in various features of real estate development, including: satisfying bond requirements at lower cost; serving as developer's equity in project; and avoiding loan commitment fees
•  How standby credits are used to secure leases of personal property and commercial tenant's rent obligations
•  How the invoice standby is used to obtain credit terms from a supplier and protect sellers by securing payment from weakened customers
•  How credits operate to provide liquidity; substitute one party's credit for another's; reduce transaction costs; shift litigation costs; avoid foreign litigation; and assure prompt payment
•  How bankers acceptances and deferred payment obligations create obligations that are readily acceptable in financial markets
•  How a beneficiary uses commercial letters of credit to finance its suppliers by: transferring the credit; assigning the credit's proceeds; and utilizing the back-to-back credit
•  How banks use letters of credit to secure borrower's loan repayment: obtaining a security interest in the credit and perfecting the security interest in the credit