Letters of credit: curbing bad-faith dishonor

Article Abstract:

Charges that issuers of letters of credit have engaged in bad-faith evasions of payment are becoming more numerous and bad-faith conduct threatens the goal of the letter of credit. Suits for pretextual dishonor would ultimately result in more expensive and less available letters of credit, and extending tort remedies and punitive damages to bad faith letter-of-credit transactions would have the same result. Allowing beneficiaries to cure documentary defects would reduce bad-faith conduct without threatening the commercial utility of the letter of credit.

Remedies, Letters of credit, Bad faith (Law)

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The courts and Section 9-401(2): when does a searcher acquire knowledge of a misfiled financing statement?

Article Abstract:

Secured creditors who misfile financing statements are afforded some protection by UCC 9-401(2). If they have made good-faith attempts to file their financing statements in the correct registry and these statements are correct by UCC standards, they will still have legal force against anyone with 'knowledge' of their contents. What constitutes 'knowledge' under UCC 9-401(2) has been a matter of contention among the courts. Some would impose on searchers a duty to investigate and some are content with an awareness of another security interest.

Priorities of claims and liens

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Secured transactions in Poland: coping with the traditional thinking and the new challenges for Central and Eastern Europe

Article Abstract:

Poland, as a part of its continuing transition to a market economy, enacted a new law on secured transactions on Dec 6, 1996. Review of how this law has been applied in practice suggests that Poland has become a more hospitable place for creditors and the law may provide useful lessons for other Central and Eastern European countries. The law corrected some of the weaknesses in the civil law's protection of creditors.

Poland, Eastern Europe

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