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The Uniform Commercial Code Survey: Letters of Credit: 1995 Cases

This survey of letter of credit (LC) cases decided in the United States in 1995 follows the format of past years' 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 reimbursement or other recovery of a payment under a credit is sought (e.g., an issuer seeking reimbursement from the applicant or asserting subrogation rights against the beneficiary). More than three quarters of the 1995 reported decisions were resolved on summary disposition and considerably more than half of the cases involved standby credits. Particularly noteworthy in the cases decided in 1995 are the first signs of the impact of the recently revised U.C.C. Article 5.