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Unsecured credit is more hazardous in volatile economic conditions and letters of credit more attractive. But litigation also increases in difficult economic times. It is vital that letters of credit be well-drafted and carefully administered. Letters of Credit: Recent Developments in the Newly Adopted UCP 600 will discuss current legal and economic developments and issues raised by recent cases.

Topics to Be Covered Include:

• Effect of the current economic turmoil on the market for letters of credit
• Significance of the Office of the Comptroller of the Currency’s authorization of U.S. national banks to issue guarantees of the financial obligations of their customers
• New Official Commentary and Forms to ISP 98
• Illustrative provisions that should be altered if UCP 600 is incorporated into a standby
• Issues with respect to drafts
• Issues with respect to forgery of the beneficiary’s signature
• Issues with respect to the expiration date
• Issues with respect to nondocumentary conditions
• Issues with respect to automatic renewal clauses
• Issues with respect to assertions of fraud and injunctions against honor

The program includes a 30-minute Q&A session following each session. Listen in and get the chance to ask your specific questions!

Registration Includes:

• Admittance to the 90-minute call for as many people as you can fit in a room with a speakerphone
• Access to the specially created presentation handouts (made available 48 hours in advance)
• Participation in the 30-minute live Q&A with the speaker following the presentation
• Certificates of attendance for all audio conference attendees

About Our Speaker

Richard Dole is the B.W. Young Professor of Consumer Law at the University of Houston Law Center. Professor Dole is a commercial law expert and a scholar of bankruptcy, consumer law, and creditors' rights and lender liability. He has written a treatise on Article 9 of the Uniform Commercial Code and has been a consultant on Bankruptcy Revision to the Unites States Senate Judiciary Committee.

Professor Dole has been a member of the American Law Institute since 1977 and has chaired the Texas Commission on Uniform State Laws. He has been a visiting research scholar to the University of Tokyo Faculty of Law and a visiting scholar of the Institute for Monetary Studies of the Bank of Japan, the Japanese Federal Reserve.

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