Be very careful with every aspect of your letters of credit.
How picky are banks and courts about letters of credit? Stemcor UK Limited shipped about $8 million worth of containerized scrap to SESA International Limited only to have Indian Overseas Bank refuse to honor five letters of credit totaling approximately $8 million. This white paper reviews how this happened, including how one of many document discrepancies raised by Indian Overseas Bank was a change of the word “our” to “issuing bank’s” as to the cost of air courier service to send original shipping documents. Seemingly small problems can prevent payments.
Agenda
Faculty
Michael R. King
Gammage & Burnham, PLC
- Founding member of Gammage & Burnham, PLC
- Practice emphasizes creditors’ rights and construction issues, and also includes consulting and supervising throughout the firm’s areas of business
- Includes emphasis on creditors’ rights, bankruptcy cases, general litigation, loan documentation, workouts, foreclosures and forcible detainers, as well as deficiency collection and accounts collection
- Client list includes banks, mortgage companies, distributors in various industries and leasing companies
- Former director of the Arizona Chapter of the National Association of Credit Managers (NACM)
- Named Best Lawyer in the areas of bankruptcy and creditor debtor rights for the last 10 years by Best Lawyers in America
- Ranked as a Super Lawyer by Super Lawyers
- Ranked as one of Arizona’s Finest Lawyers by Arizona’s Finest Lawyers Foundation
- Can be contacted at https://www.gblaw.com/professional/michael-r-king/
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