Insolvency in Letter of Credit Transactions — Part II

This article addresses the insolvency of the letter of credit transaction's participants. In the first part of this three-part article, which appeared in a prior issue of The Banking Law Journal, the author discussed the insolvency of the beneficiary of the credit. This second part addresses the insolvency of the issuer. The third part of the article, which will be featured in an upcoming issue of The Banking Law Journal, discusses the insolvency of the applicant