Continuing Legal Education

TELESEMINAR: Practical UCC: Understanding and Drafting Letters of Credit in Business Transactions – A National Perspective

November 30, 2012
12:00 – 1:00 p.m.
1.00 MCLE hours

Telephone

Letters of credit are extensively used to secure payment and ensure performance in commercial, business and real estate transactions.  They are often essential to the completion of a deal and involve a complicated mix of parties –applicants, issuers, beneficiaries and sometimes assignees.  The challenge in using these instruments is ensuring their compliance with UCC Article 5, the shortest and most obscure portion of the code. Imperfectly drafted letters can easily lead to a failed transaction. This program will provide you with a real-world to guide to how letters of credit are used in transactions, drafting the most essential components of a letter, understanding the roles and rights of each of the parties to a letter, and common traps in complying with UCC Article 5.

Highlights:

  • Practical uses of letters of credit in transactional deals
  • Understanding and drafting essential components of a letter of credit
  • Roles and rights of applicants, issuers, beneficiaries, and assignees
  • Common traps in letters of credit practice
  • How letters of credit differ from other credit enhancements or guarantees of performance
  • Role attorneys advising a clients on letters of credit
For more information about ISBA's Teleseminar programs, please visit: http://www.isba.org/cle/teleseminar

 

Program Speakers:
Carter H. Klein
, Jenner & Block, Chicago
John Murdock, Bradley Arant Boult Cummings, LLP, Nashville

 

Carter H. Klein is a partner in Chicago office of Jenner & Block, where he has an extensive commercial law practice, including secured and unsecured lending, credit enhancement issues and credit workouts. He formerly chaired the ABA’s Letter of Credit Subcommittee and formerly served as chair of the Commercial and Financial Transactions Committee of the Chicago Bar Association. Mr. Klein is co-editor of “Uniform Laws Annotated -- Uniform Commercial Code Forms and Materials,” published by Thomson-West.  He is a member of the American College of Commercial Finance Lawyers and formerly served as an Adjunct Professor at Northwestern University’s Kellogg School of Business. Mr. Klein received his B.A. from the University of Illinois at Urbana-Champaign and his J.D. from the University of Illinois College of Law.

John Murdock is a partner in the Nashville office of Bradley Arant Boult Cummings, LLP, where his practice includes business acquisitions and dispositions, commercial lending, and commercial law generally. He is a member of the Commercial Financial Services Committee of the ABA Business Law Section and formerly served as chair of its Lender Liability Subcommittee. He is also a Fellow of the American College of Commercial Finance Lawyers. Mr. Murdock received his B.S., magna cum laude, from Vanderbilt University and his J.D. from Vanderbilt University Law School.

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