Joseph Silvia recently co-authored an article that was published in Business Law Today, “Understanding Letters of Credit and Bankruptcy.”
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Joseph Silvia recently co-authored an article that was published in Business Law Today, “Understanding Letters of Credit and Bankruptcy.” His article discusses the handling of Letters of Credit that are issued by banks that enter receivership or stand behind the contracts in future bank receiverships. “LC transactions consist of three relationships: (1) the underlying transaction between a buyer and seller of goods, borrower and lender, lessor and lessee, etc.; (2) the reimbursement agreement between the buyer/borrower (applicant) and the bank (issuer); and (3) the LC issued for the benefit of the seller/lessor (beneficiary),” stated in Joseph’s article. To read more, click here.
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