Letters of Credit—A Comparison of Article 5 of the Uniform Commercial Code and the Washington Practice [Part 1]

It is our hope that this discussion will serve a dual purpose: (1) provide a basis for evaluating the desirability of Article 5 and so aid in an over-all evaluation of the Uniform Commercial Code in this period of pre-enactment consideration of the Code's merits, and (2) provide a point of departure for Washington bankers and lawyers who become concerned with letter of credit problems after enactment of the Code. The first of these objectives seems better served if we undertake with each section a critique of its operation in light of the existing practice. This we have done.