Institute of International Banking Law & Practice
“This standby letter of credit may be assigned to [Affiliate]"
The clause is meaningless and may invite severe disappointment to an assignee who thinks that it is a transferee (it is not under UCP600 or most local laws) or that it can enforce an assignment of proceeds against the issuer or a nominated...
Members of the BAFT Standby Letters of Credit Committee and the IIBLP Task Force on Model ISP98 Governmentally Mandated Standbys met via conference call on 13 January 2015 to discuss ways to broaden awareness and understanding of ISP98 Form 11.1 [U.S.] Model Government Standby Form.
ISP98 Form 11.1,...