November 30, 2012
12:00 – 1:00 p.m.
1.00 MCLE hours
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.
Carter H. Klein, Jenner & Block, Chicago
John Murdock, Bradley Arant Boult Cummings, LLP, Nashville