This month, we explore how digitalisation is reshaping commercial law across key jurisdictions. Marek Dubovec compares UCC Article 12 and
In a recent discussion, bankers were asked how they calculate confirmation fees as a standard practice: 1) from the advising
In reversing a 2024 trial court ruling, Singapore’s Appellate Division of the High Court found that a former director
Did the standby LC provide sufficient protection to the judgment creditor?
Following a jury trial, Prisoner Transport Services of America (Applicant) caused Pinnacle Bank (Issuer) to issue a USD 595,254.50 irrevocable standby letter of credit in favor of Darren Richardson (Beneficiary) to secure the judgment awarded to Beneficiary as Applicant sought a stay of judgment and post-trial relief. To obtain payment, Beneficiary was required to present to Issuer:
(1) an ‘original or certified copy of th[e] Letter of Credit;’ and (2) a certified copy of a court order stating (a) that the judgment entered is final and can no longer be appealed, (b) that [Beneficiary] has demanded payment from [Applicant], (c) that more than ten days have elapsed without [Applicant] paying up in full, and (d) what [Beneficiary] is owed.
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