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

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.