Changes in letter of credit provisions inch forward

Proposed changes to the Uniform Commercial Code regarding letters of credit (LOCs) would make it harder for LOC buyers to stop payments and easier for banks to enforce payments. Following the changes, LOCs would more closely conform to international custom, creating greater acceptance of both US and foreign LOCs. Additional changes concern the status of electronic transmissions such as faxes and court cost payments in the case of lawsuits.
A key body of state legislators is considering adoption of a new draft code for letters of credit (LOCs) under the Uniform Commercial Code. Presented at the annual meeting of [...]