Letters of Credit: A Framework for Analysis of Transfer, Assignment, Negotitation and Transfer by Operation of Law

Date

1992

Authors

Pawlowic, Dean G.

Journal Title

Journal ISSN

Volume Title

Publisher

The Wayne Law Review

Abstract

After briefly summarizing the primary tenets of and the legal relations resulting from issuance of a credit, this Article will examine the transfer of those relations by act of the parties to a credit from the point of view of general contract law. Next, this Article will review the intersection of letter-of-credit law with other laws of special application, such as corporate succession and bankruptcy, where the legal relations created by a credit are said to have been transferred not by an act of a party to the credit, but by operation of law. Lastly, the proposed revisions of the UCC and the UCP affecting the rules of transfer will be previewed.

Description

Keywords

Letter-of-credit law, Contract law, UCC, UCP

Citation

39 Wayne L. Rev. 1