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Understanding Letters of Credit
(Presented by Adam LaBoda)
Letters of credit have been around for many years, but they still remain a mystery to many bankers. Commercial letters of credit are commonly used to facilitate the purchase and sale of goods, and standby letters of credit are commonly used to secure obligations.  | WEBINAR TIME:
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET |
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More recently, letters of credit are being used as a substitute for surety bonds, workers compensation insurance, construction contract bonding, governmental licenses, purchase price holdbacks, and environmental cleanup obligations. There is substantial liability and risk to the financial institution which issues a letter of credit. Last year, new revisions were made to the Uniform Customs and Practices for Documentary Credits creating the new UCP 600 (2007 Revision). This seminar will discuss the basic rules with respect to all letters of credit and then will address the general rules of the new UCP 600, ISP 98 and the UCC Article 5.
HIGHLIGHTS
Overview of parties involved in Letter of Credit transaction
Responsibilities and liabilities associated with Letters of Credit
Comparison of Commercial Letters of Credit versus Standby Letters of Credit
Review of the UCP 600, the ISP 98 and the UCC Article 5
Letter of Credit scams
WHY SHOULD YOU PARTICIPATE?
This session is a cost-effective way for your bank personnel to learn more about letters of credit and the new letter of credit rules that became effective last year. You may train as many individuals as you like for one set price. There will be no travel costs, time lost from work and no one will be required to leave the institution.
WHO SHOULD ATTEND?
This informative session is designed to assist bank personnel in understanding letters of credit and the recent letter of credit rule change. It is directed to any person that is involved in issuing, processing or accepting letters of credit.
About the Speaker:
Adam LaBoda, Esq. is an attorney with Spencer Fane Britt & Browne LLP where he specializes in the representation of financial institutions.
Adam was awarded his juris doctor from the University of Kansas Law School. Prior to joining Spencer Fane, Adam served as a law clerk for Chief Judge Lee M. Jackwig, United States Bankruptcy Court for the Southern District of Iowa. He is a member of the Missouri Bar and the Kansas Bar Associations, as well as a member of the Kansas and Missouri Bankers Associations, and the Kansas City Bankruptcy Bar Association. He is licensed to practice law in Missouri and Kansas, as well as the federal district courts in Kansas and the Western District of Missouri.
More information...
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888-229-8872