Recent revisions of Uniform Commercial Code Article 5 and the UCP 500 have had repercussions for professionals dealing with letters of credit. To avoid problems, this is the resource you'll refer to over and over again. Written for day-to-day use, you'll get immediate guidance and answers when you need them most. It shows you how to document the letter of credit transaction from the viewpoint of the applicant, the beneficiary, and the bank. And it supplies real-world letters of credit with analysis of what was done right and what was done wrong. You'll also get information on the issuance agreement and annotated forms. The authors give you: Complete text of Article 5 of the Uniform Commercial Code and the UCP
-- Text and analysis of the new ISP98 standby Commercial Code and the UCP
-- Thorough discussion of rules and governmental actions
-- Guidance on such issues as fraud and injunctions
-- Subrogation, setoff, and marshalling
-- Insolvency
-- And more.