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The Uniform Commercial Code Survey: Letters of Credit: 1996 Cases

This survey of letter of credit (LC) cases decided in the United States in 1996 follows the format of past surveys. Cases are divided into pre-honor cases, in which the beneficiary seeks honor (e.g., actions by the beneficiary against the issuer for wrongful dishonor or by the applicant against the issuer to prevent honor) and post-honor cases, in which the issuer, having honored, seeks reimbursement from the applicant or asserts subrogation rights against the beneficiary. As in past years, many of the decisions reported in 1996 were resolved on a summary basis and slightly more than half of the cases involved standby rather than commercial credits.