The 2009 Annual Review of International Banking Law and Practice contains all relevant court decisions, statutes and governmental actions related to international banking, letters of credit and trade finance. It will be an important reference for bankers, lawyers, and academics. New Format: The 2009 Annual survey is a fully searchable electronic volume on a CD. This decision involves an important issue, namely whether letter of credit law is subject to collateral statutes that permit or allow use of letters of credit and, in particular, whether their policies can affect whether or not an injunction is appropriate. Non-Bank LCs … the possibility of a fraudulent LC is greater when the LC is handled outside of the traditional interbank LC operations system. The opinion correctly notes that a quantity in excess of the implied tolerances of UCP500 Article 39(b) is discrepant. An issuer would be entitled to refuse such documents. The real problem is the failure of both the trial and appellate court to refer in any manner to the requirement that the claim of material fraud must be more likely than not to succeed. (read more)

ICC's Banking Commission Opinions, often cited by courts, provides expert interpretation and contains the official analysis of how the Uniform Customs and Practice for Documentary Credits (UCP)work in day-to-day practice. (read more)