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Chapter 5 Letters of Credit | Letters of Credit Lawyer | Letters of Credit Attorney | Banking Litigation
Chapter 5 of the Texas UCC Controls Letters of Credit in the State of Texas
A standard, commercial letter of credit is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking. The letter of credit can also be source of payment for a transaction. Letters of credit are used primarily in international trade transactions for deals between a supplier in one country and a customer in another.
Letters of credit are also used in the land development process to ensure that approved public facilities (streets, sidewalks, storm water ponds, etc.) will be built.
The parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank of whom the applicant is a client, and the advising bank of whom the beneficiary is a client. Almost all letters of credit are irrevocable, i.e., cannot be amended or canceled without prior agreement of the beneficiary, the issuing bank and the confirming bank, if any.
In executing a transaction, letters of credit incorporate functions common to traveler's checks. Typically, the documents a beneficiary has to present in order to receive payment include a commercial invoice, bill of lading, and documents proving the shipment was insured against loss or damage in transit.
Someone selling property may request a letter of credit before beginning negotiations with a buyer. The buyer's bank will send a letter of credit stating whether the buyer has enough money to cover the purchase of the property. Disputes arise when banks mistakenly misrepresent a customer's credit, when banks attempt to change a letter of credit, or when banks try to cancel a letter of credit. These situations are governed by Chapter 5 of the Texas UCC (Uniform Commercial Code).
Chapter 5 of the Texas UCC regulates the issuance, amendment and cancelation of letters of credit. According to Chapter 5 of the Texas UCC, when a bank sends a letter of credit to a person who requests it, the letter of credit becomes enforceable against the bank. The bank cannot change or cancel the letter of credit without the requesting party's consent unless the letter of credit states that the bank may revoke it, change, or cancel it without consent. Some common areas of banking litigation over letters of credit under Chapter 5 include:
| Remedies for Dishonor or Repudiation | Short Shipment of Goods | Inferior Quality of Goods |
| Issues Concerning Subrogation | Goods Damaged in transit | The Transfer of Letter of Credit |
| Insolvency of the Applicant | Failure of Payment | Delay of Payment |
| Advising Bank Transactions | Confirming Bank Transactions | Issuing Bank Transactions |
| Fraud and Forgery | The Assignment of Proceeds | Bad Faith Claims |
A Corpus Christi banking attorneys can help you with your business needs, including letter of credit transactions.
Some Corpus Christi area Realtors include:
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Coldwell Banker Pacesetter Steel Realtors 5034 Holly Road Corpus Christi, TX 78411 361-992-9231 |
Century 21 6802 Saratoga Boulevard Corpus Christi, TX 78414-3908 361-994-0204 |
Texas Coastal Vacations, LLC 14300 Aloha St #138 Corpus Christi, TX 78418 866-225-1013 |
TripAngle 7534 Brush Creek Drive Corpus Christi TX 78414 866-225-1013 |
Aremaco Inc 6262 Weber Rd # 101 Corpus Christi, TX 78413-4031 361-851-8941 |
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RE/MAX Metro Properties 5242 Holly Road Corpus Christi TX 78411 361-793-2322 |
Group One Real Estate 5302 Everhart Road Corpus Christi, TX 78411-4863 361-991-9111 |
Re/Max Metro Properties 5514 Dominica Drive Corpus Christi, TX 78411-5041 361-877-7130 |
Delbosque Roy 6233 Norchester Drive Corpus Christi, TX 78415-3926 361-854-0358 |
Corpus Christi Realty Group 5334 Everhart Rd. Ste 203 Corpus Christi, TX 78411 361-688-2383 |
Corpus Christi Banking Litigation Attorney Can Help You in Any Transaction or Dispute Concerning Letters of Credit
Disputes can and do arise regarding the rights and obligations of sellers, buyers, and banks when dealing with letters of credit. If someone has acted improperly towards you with regard to a letter of credit, Chapter 5 of the Texas UCC may offer you protection. Corpus Christi commercial lawyers and banking litigation attorneys know how to protect your rights under Chapter 5 of the Texas UCC, and can help you with your transactions and disputes regarding letters of credit.
Corpus Christi Commercial Lawyers Can Help You With Your Business Needs
Banks, businesses, and consumers dealing with letters of credit need lawyers who understand the field and are experienced. Corpus Christi Commercial Lawyers can offer assistance so you may achieve your business goals.
If you or a business partner has problems with a Letter of Credit or other banking transaction, please contact one of the banking attorneys on this site. The initial consultation is free.
Serving clients throughout South Texas, including Aldine, Baytown, Bellaire, Beaumont, Channelview, Cloverleaf, Conroe, Deer Park, Friendswood, Galena Park, Galveston, Hedwig Village, Highlands, Hilshire Village, Humble, Jacinto City, Katy, League City, Magnolia, Mission Bend, Missouri City, Pasadena, Pearland, Porter, Sealy, South Corpus Christi, Spring Valley, Stafford, The Meadows, The Woodlands, Waller, West University, and other communities in Fort Bend County, Harris County, and Montgomery County.