2021 Letter of Credit Law Summit | New York Online | 14 October | 7 CPDs

2021 Letter of Credit Law Summit | New York Online | 14 October | 7 CPDs

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2021 Letter of Credit Law Summit | New York Online | 7 CPDs
14 October 2021

We invite you to join us for the 2021 Letter of Credit Law Summit Online - New York to be held online on October 14 from 9:00-3:00 New York time. 

This conference is ideal for lawyers working for firms or banks, as well as bankers and corporate LC users with an active interest in banking law and a desire to further their knowledge of how legal issues are impacting LC practice today. Law firms which are serious about trade finance matters and banks with significant LC portfolios will want to be represented for this full-day program.

Attend the counterpart conference the Standby & Guarantee Forum the previous day. Please view the tabs for details on invited panelists, scheduling, and sponsorship.

Additional Resources
UCP600: An Analytical Commentary - the ultimate guide to UCP600
Documentary Credit World - The Source for LC and Trade Finance news, articles, and statistics since 1994

This Event will be held on Zoom. Please ensure you can use this software. For inquiries contact

Michael AVIDON - Moses & Singer LLP

Buddy BAKER - Goldman Sachs & Co

James BARNES - Baker & McKenzie

Miguel BUSTAMENTE- Consultant 

Jason DESROCHES - National Bank of Canada


Frank FORTES - TD Securities

Rebecca FRUCHTMAN - Mayer Brown LLP

Paula GREAVES - Consultant

Fabien GUEVARA - JP Morgan 

Sam JEBAMONY - JP Morgan 

Michelle KELLY-LOUW - Int'l Association of Consumer Law 


 Karl MARXEN - Lecturer 

Carter KLEIN - Jenner & Block 

Jennifer KRATOCHVIL - Mayer Brown LLP

Ricardo Martinez - Hogan Lovells 


Frank PETRASSI- JP Morgan 

Glenn RANSIER - Wells Fargo

Paul Roder - Moses & Singer LLP

Mary ROSEN - Wells Fargo 

Scott Scrosati - National Bank of Canada





Event Schedule


8:45 – 9:00      Online Check-In and Entry to Event


9:00 – 9:10      Welcome and Introduction to the Forum

   Welcome Remarks: Michael BYRNE (IIBLP)


9:10 – 10:00    Trade Trends

·       LC Discrepancies in the COVID Era – What are banks seeing and how they are handled?

·       Driving Sustainability Effectively – A Carrot or Stick Approach? 

·       Legal Challenges with Transferable Records

·       URDTT Approved; Will it be used?  


Moderator: Vin O’BRIEN (ICC UAE)

Panelists: Buddy BAKER (Goldman Sachs); Lorna STRONG (HSBC); Mary ROSEN (Wells Fargo)


10:00 – 10:30 ISDGP: Lawyers’ Perspective

The ICC Banking Commission completed and approved International Standard Demand Guarantee Practice (ISDGP) for URDG758 earlier this year to further guide industry practice. In this discussion, lawyers offer views on ISDGP overall and aspects of ISDGP which touch on matters of law including: understanding of the term “authenticated”; agents of a guarantor, transfer, and governing law considerations.      


Moderator: Mike AVIDON (Moses & Singer) 
Panelists: Frank FORTES (TD); Jason DESROCHES (BNC); Mary ROSEN (Wells Fargo)


10:30 – 10:45 Virtual Coffee Break


10:45 – 11:25  LC Cases Part 1

·       Lexon Insurance and Granite Re – What’s the FDIC and NCUA’s role as conservator of a failed financial institution’s rejection of LCs issued to insurance companies to secure their bonds?  

·       Skyward Aviation -- Injunction disallowed even though bank argued there was no colorable basis to draw because of applicant bankruptcy.

·       Florida Coastal School of Law, Inc. – USD 5.6 million LCs posted for obligations of three law schools to be or maintain certification, insufficient for the US Education Dept.

·       Landes Capital Management, LLC -- Dispute over 7% commission for LC to be used purchase oil from a Russian refinery to gift oil to Ghana.  


Moderator: Carter KLEIN (Jenner & Block)


11:25 – 11:55  LC Practice Controversies

·       UCP & ISBP: Does one or both need revised, reconfigured, or left alone? 

·       Matters “Outside the Scope of UCP 600”: Recent ICC Opinions 910; 912; 913; 918

Moderator: Lorna STRONG (HSBC)

Panelists: Scott SCROSATI (BNC); Rebecca FRUCHTMAN (Mayer Brown)


11:55 – 12:25 Virtual Lunch Break


12:25 – 1:05    Cases Part 2

·       Viele – One year statute of limitations for wrongful honor barred claims against the bank and its officers for breach of contract and negligence.

·       Navidea Biopharmaceuticals, Inc. – LC to secure settlement; dispute over amount to draw.

·       White Stag Aircraft Leasing U.S. LLC – Bank permitted to raise meritorious defenses to default judgment that it was not required to honor draw on LC because of statute of limits and draw did not conform to the credit.


Moderator: Carter KLEIN (Jenner & Block)


1:05 – 1:35   Loan Syndications and Trading Association (LSTA) Form

Update & Current Status

Moderator: Mike AVIDON (Moses & Singer)


1:35 – 1:50   Virtual Coffee Break


1:50 – 2:10   The Case for the UN LC Convention

A renewed push is underway for ratification of the United Nations Convention on Independent Guarantees and Standby Letters of Credit. This panel will examine the chief compelling reasons why jurisdictions without codified standby & guarantee law should ratify adopt the UN LC Convention. The panel will also address recent efforts to advocate for the Convention among UN member states throughout the Americas.  


Moderator: Michael BYRNE (IIBLP)

Panelists: Buddy BAKER (Goldman Sachs); Mike AVIDON (Moses & Singer); Boris KOZOLCHYK (Kozolchyk National Law Center)


2:10 – 2:50   Sanctions: The Moving Goalposts

·       Competing Sanctions between China and the US 

·       Sanctions Clauses referring to “indirect risks”

·       Why Banks are not Sanctions-Proof (and what banks can do about it)

·       Recent examples of Boycott Requests seen in LCs      



Panelists: Samantha PELOSI (Guidehouse); Andrew JACOBSON (Seward & Kissel); Lorna STRONG (HSBC); Adam KLAUDER (Guidehouse); Lisa CHIN (MUFG)


2:50 – 3:00    Summary, Lucky Draw, and Closing Remarks





Sponsorship Opportunities

Please email Michael Byrne at for more details on how to sponsor this amazing event.