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About the Teleseminar
Letters of credit are used to secure payment and ensure performance in business, commercial and real estate transactions. One or more parties to a deal may refuse to complete a deal without the benefit of a letter ensuring payment or performance. These letters involve a complicated mix of parties –applicants, issuers, beneficiaries and sometimes assignees. The challenge in using these instruments is ensuring their compliance with UCC Article 5, the shortest and most obscure portion of the code, and anticipating disputes that commonly arise. Poorly drafted or quickly reviewed letters can easily lead to defeating the intent of a business, commercial or real estate transaction. This program will provide you with a real-world guide to using letters of credit, drafting their most essential components, understanding the roles and rights of each of the parties to a letter, and common traps in complying with UCC Article 5.
- Types of letters of credit, including commercial and standby letters
- Uses of letters in business transactions & differences between letters and other credit enhancements
- Advantages of letters of credit, including cost, adaptability, litigation, and bankruptcy issues
- Practical framework of letter of credit law under UCC Article 5
- Drafting and reviewing essential components of letters of credit
- Roles and rights of applicants, issuers, beneficiaries, and assignees – and attorneys
- Common disputes in letters of credit
About the Speaker
Carter H. Klein is a partner in Chicago office of Jenner & Block, where he has an extensive commercial law practice, including credit enhancement issues and credit workouts, secured and unsecured lending. He formerly chaired the ABA’s Letter of Credit Subcommittee and formerly served as chair of the Commercial and Financial Transactions Committee of the Chicago Bar Association. Mr. Klein is co-editor of “Uniform Laws Annotated -- Uniform Commercial Code Forms and Materials,” published by Thomson-West. He is a member of the American College of Commercial Finance Lawyers and formerly served as an Adjunct Professor at Northwestern University’s Kellogg School of Business. Mr. Klein received his B.A. from the University of Illinois at Urbana-Champaign and his J.D. from the University of Illinois College of Law.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour