Commercial law; letter of credit or guaranty?

Article Abstract:

The article details the difference between a letter of credit and a guaranty.and a 1999 US Court of Appeals for the 7th Circuit ruling, Teleport Communications Group v. Barclay Financial Group, which elaborates on the standby letter of credit-guaranty distinction. The standby letter of credit is an independent payment mechanism and does not allow the user to use defenses of the customer against the beneficiary.

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Commercial law; 'dragnet' clauses

Article Abstract:

A "cross-collateral" or dragnet clause in a verbal contract provides that collateral, acquired at any time, secures advances made before or after the signing of the agreement. UCC 9 recognizes the validity of these clauses, but case law has placed significant limitations on the use of these clauses.

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Credit in history; Lewis and Clark?

Article Abstract:

The letter of credit throughout US history is summarized, starting with the letter sent by Pres Jefferson with the Lewis and Clark expedition and ending with the standby credits used in negotiations leading to the ransom of the Bay of Pigs prisoners in 1961.

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