Several major banks, other financial institutions, and companies regularly look to Moses Singer in complex matters involving letters of credit, including transactions, form preparation, litigation and DOCDEX proceedings. The firm's clients include issuers of commercial (documentary), direct-pay, and standby letters of credit, and standby bond purchase agreements, as well as commitments to honor or negotiate documents, bank guarantees and committed lines of credit, both to provide credit for commercial transactions and to provide credit support and liquidity for a variety of obligations, including commercial paper, IDBs, IRBs, and other tax exempt variable rate demand obligations, insurance obligations, asset securitizations, judgments, and other structured financings. Two of our Banking attorneys are at the forefront of this area of banking law. One was a leader in the 1990s revision of the Uniform Commercial Code's letter of credit provisions (UCC Article 5), the drafting of the 1998 International Standby Practices (ISP98, rules for standby letters of credit), the preparation of the 2022 UCC Article 5 amendments that have been sent to the states for enactment, and also advised as to the drafting or revising of other International Chamber of Commerce (ICC) practice rules. Both have chaired or co-chaired the American Bar Association’s Letters of Credit Subcommittee, and both were heavily involved in successfully proposing revisions to the letter of credit subfacility provisions of model syndicated revolving credit agreement forms promulgated by the Loan Syndication and Trading Association (LSTA). We regularly work with ICC rules such as UCP600, eUCP, ISP98, URR 725, URDG 758 and URC 522. The credit facilities we structure, negotiate and document range from bilateral to syndicated, from plain vanilla to synthetic and alternative (ALOC) structures. We have also worked on outsourcing and white-label and private-label transactions. Our attorneys regularly write and present on letter of credit-related topics at industry and bar association events and privately for the firm’s clients.

For additional information, please contact Michael Evan Avidon at mavidon@mosessinger.com or Paul Roder at proder@mosessinger.com.

Letter of Credit Engagements

Notable Moses Singer Wins in Letter of Credit & Documentary Collections Cases

^{Prior results do not guarantee a similar outcome.}