Letters of Credit in the United States
Legal Materials
A letter of credit is a financial instrument generally used to facilitate contracts.
How they work: The “Account Party” makes an arrangement with a bank, and the bank issues a Letter of Credit to the “Beneficiary Party.” When the contract requires payment, the Beneficiary can go to the bank and get its money.
Key Sources for information on Letters of Credit include –
(a) John F. Dolan’s The Law of Letters of Credit: Commercial and Standby Credits (A.S. Pratt & Sons) and Burton McCullough’s Letters of Credit (LexisNexis/Matthew Bender).
(b) Publications by the International Chamber of Commerce, most notably Uniform Customs and Practice for Documentary Credits (UPC 500).
(c) Article 5 of the Uniform Commercial Code, which is the basis for the Letter of Credit laws in most states (see “Uniform Commercial Code”).
(d) International Standby Practices (ISP). ISP98 was drafted by the Institute of International Banking Law & Practice, Inc.. It was adopted by the ICC and is sold as ICC Publication No. 590.
Arbitration: The International Center for Letter of Credit Arbitration (ICLOCA) provides rules for arbitration and other kinds of alternative dispute resolution related to Letters of Credit. You can send email to ICLOCA at icloca@IIBLP.org.
Letters of Credit and the State Laws
Select from the list of U.S. States below for state-specific information on Letters Of Credit:
- Letters Of Credit in the Subject Index of the Alabama Portal
- Letters Of Credit in the Subject Index of the Alaska Portal
- Letters Of Credit in the Subject Index of the Arizona Portal
- Letters Of Credit in the Subject Index of the Arkansas Portal
- Letters Of Credit in the Subject Index of the California Portal
- Letters Of Credit in the Subject Index of the Colorado Portal
- Letters Of Credit in the Subject Index of the Connecticut Portal
- Letters Of Credit in the Subject Index of the Delaware Portal
- Letters Of Credit in the Subject Index of the Florida Portal
- Letters Of Credit in the Subject Index of the Georgia Portal
- Letters Of Credit in the Subject Index of the Hawaii Portal
- Letters Of Credit in the Subject Index of the Idaho Portal
- Letters Of Credit in the Subject Index of the Illinois Portal
- Letters Of Credit in the Subject Index of the Indiana Portal
- Letters Of Credit in the Subject Index of the Iowa Portal
- Letters Of Credit in the Subject Index of the Kansas Portal
- Letters Of Credit in the Subject Index of the Kentucky Portal
- Letters Of Credit in the Subject Index of the Louisiana Portal
- Letters Of Credit in the Subject Index of the Maine Portal
- Letters Of Credit in the Subject Index of the Maryland Portal
- Letters Of Credit in the Subject Index of the Massachusetts Portal
- Letters Of Credit in the Subject Index of the Michigan Portal
- Letters Of Credit in the Subject Index of the Minnesota Portal
- Letters Of Credit in the Subject Index of the Mississippi Portal
- Letters Of Credit in the Subject Index of the Missouri Portal
- Letters Of Credit in the Subject Index of the Montana Portal
- Letters Of Credit in the Subject Index of the Nebraska Portal
- Letters Of Credit in the Subject Index of the Nevada Portal
- Letters Of Credit in the Subject Index of the New Hampshire Portal
- Letters Of Credit in the Subject Index of the New Jersey Portal
- Letters Of Credit in the Subject Index of the New Mexico Portal
- Letters Of Credit in the Subject Index of the New York Portal
- Letters Of Credit in the Subject Index of the North Carolina Portal
- Letters Of Credit in the Subject Index of the North Dakota Portal
- Letters Of Credit in the Subject Index of the Ohio Portal
- Letters Of Credit in the Subject Index of the Oklahoma Portal
- Letters Of Credit in the Subject Index of the Oregon Portal
- Letters Of Credit in the Subject Index of the Pennsylvania Portal
- Letters Of Credit in the Subject Index of the Rhode Island Portal
- Letters Of Credit in the Subject Index of the South Carolina Portal
- Letters Of Credit in the Subject Index of the South Dakota Portal
- Letters Of Credit in the Subject Index of the Tennessee Portal
- Letters Of Credit in the Subject Index of the Texas Portal
- Letters Of Credit in the Subject Index of the Utah Portal
- Letters Of Credit in the Subject Index of the Vermont Portal
- Letters Of Credit in the Subject Index of the Virginia Portal
- Letters Of Credit in the Subject Index of the Washington Portal
- Letters Of Credit in the Subject Index of the West Virginia Portal
- Letters Of Credit in the Subject Index of the Wisconsin Portal
- Letters Of Credit in the Subject Index of the Wyoming Portal
Letters of Credit (Banking Law)
This section introduces, discusses and describes the basics of letters of credit. Then, cross references and a brief overview about Banking Lawin relation to letters of credit is provided. Note that a list of bibliography resources and other aids appears at the end of this entry.
Letters of Credit (Commercial Law)
This section introduces, discusses and describes the basics of letters of credit. Then, cross references and a brief overview about Commercial Lawin relation to letters of credit is provided. Note that a list of bibliography resources and other aids appears at the end of this entry.
Letters of Credit in relation with Financial Law
This section convey specific aspects of Letters of Credit covered in connexion with financial law and banking / lending Institutions.
Resources
See Also
Arbitration
Mediation
Alternative Dispute Resolution
Uniform Commercial Code
Further Reading
- Information about Letters Of Credit in the Gale Encyclopedia of American Law.
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