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UCC Toolkit: Letters of Credit (Teleseminar)
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UCC Toolkit: Letters of Credit (Teleseminar)

1 CLE hour

When: 09/10/2014
1:00 PM to 2:00 PM
Contact: (404) 521-0781

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One-hour CLE programs are just a phone call away
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An 800 number connects you to nationally recognized practice leaders who will speak on important issues and emerging trends in the law. You can also pose your own questions to the speakers. Written materials and other details are emailed in advance to pre-registrants.

UCC Toolkit: Letters of Credit - 1 CLE hour

Letters of credit are used to secure payment and ensure performance in business, commercial and real estate transactions.  One or more parties to a deal may refuse to complete a deal without the benefit of a letter ensuring payment or performance.  These letters involve a complicated mix of parties –applicants, issuers, beneficiaries and sometimes assignees.  The challenge in using these instruments is ensuring their compliance with UCC Article 5, the shortest and most obscure portion of the code, and anticipating disputes that commonly arise. Poorly drafted or quickly reviewed letters can easily lead to defeating the intent of a business, commercial or real estate transaction. This program will provide you with a real-world to guide to using letters of credit, drafting their most essential components, understanding the roles and rights of each of the parties to a letter, and common traps in complying with UCC Article 5.

Types of letters of credit, including commercial and standby letters
Uses of letters in business transactions & differences between letters and other credit enhancements
Advantages of letters of credit, including cost, adaptability, litigation, and bankruptcy issues 
Practical framework of letter of credit law under UCC Article 5
Drafting and reviewing essential components of letters of credit
Roles and rights of applicants, issuers, beneficiaries, and assignees – and attorneys 
Common disputes in letters of credit 


Carter H. Klein
is a partner in Chicago office of Jenner & Block, where he has an extensive commercial law practice, including credit enhancement issues and credit workouts, secured and unsecured lending.  He formerly chaired the ABA’s Letter of Credit Subcommittee and formerly served as chair of the Commercial and Financial Transactions Committee of the Chicago Bar Association.  Mr. Klein is co-editor of “Uniform Laws Annotated -- Uniform Commercial Code Forms and Materials,” published by Thomson-West.  He is a member of the American College of Commercial Finance Lawyers and formerly served as an Adjunct Professor at Northwestern University’s Kellogg School of Business. Mr. Klein received his B.A. from the University of Illinois at Urbana-Champaign and his J.D. from the University of Illinois College of Law.

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