Uniform Commercial Code: Primary focus on Article 5 governing Letters of Credit and Article 9 for secured transactions. This provides the fundamental framework for L/C transactions in the US.
Federal Banking Regulations: Including Regulation CC (Expedited Funds Availability Act), Federal Reserve Board Regulations, and Office of the Comptroller of the Currency (OCC) regulations that govern banking operations.
International Banking Laws: Encompasses UCP 600 (Uniform Customs and Practice for Documentary Credits), ISP98 (International Standby Practices), and ICC rules for international L/C transactions.
State-Specific Banking Laws: State-level banking regulations and commercial codes that may affect the L/C reimbursement agreement within specific jurisdictions.
Anti-Money Laundering Laws: Bank Secrecy Act and USA PATRIOT Act requirements that ensure compliance with anti-money laundering and counter-terrorism financing regulations.
Consumer Protection Laws: Including Truth in Lending Act and Fair Credit Reporting Act, which may apply if the L/C involves consumer transactions.
Bankruptcy Code: Federal bankruptcy provisions affecting secured transactions and priority rules in case of default or bankruptcy.
Contract Law Principles: State contract law fundamentals and Statute of Frauds requirements that govern the formation and enforcement of the agreement.
