This webinar provides an essential understanding of letters of credit, including the letter of credit terminology, structure, and function. Whether your bank issues letters of credit, accept letters of credit or takes liens on the letter of credit rights, this program is for you.
Both commercial letters of credit and standby letters of credit will be discussed, their content, conditions precedent to payment, and the mechanics of their actual presentment for payment. Bankruptcy issues and common problems will also be reviewed.
Areas Covered:-
Letter of credit terminology
The function of a letter of credit
Structure of a letter of the credit transaction
Commercial letters of credit vs. standby letters of credit
Contents of a letter of credit
Conditions precedent to payment
Presentment for payment
Article 5 of the UCC
The Uniform Customs and Practices (UCP) for documentary credits
Assignment and transfer of letters of credit
Letter of credit rights and liens on the letter of credit rights
Letters of credit vs. guarantees
Letter of credit facilities in loan agreements
Letters of credit in bankruptcy
Letters of credit issued by banks that later failed
Common letter of credit problems
Who Should Attend:-
Loan officers, operations officers, credit administration personnel, and others involved in the letter of the credit function
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