1. Under what circumstances is it bad faith for an issuer to honor a letter of credit in the face of an applicant's offer of proof of fraud by the beneficiary? 2. What is the issuer's obligation where there is a waiver by the applicant that the issue chooses not to honor? 3. What are the rights of transferees of transferable letters of credit and assigness of proceeds?
Smith, Edwin E. "Letters of Credit: Highlights of Revised Article 5." James J. White, co-author. In The Emerged and Emerging New Uniform Commercial Code: ALI-ABA Course of Study Materials, 57-67. New York: 1996.