Extract
Court trips land mine in commercial lending.
Will letters of credit become worthless?
The California Supreme Court will soon decide an issue that has sent strong tremors through the state's real estate lending industry. The court will hear appeals in two cases that have left real estate lenders wondering whether letters of credit are letters of nada. The cases are Western Security Bank vs. Beverly Hills Business Bank and a recent San Diego case, 1111 Prospect Partners vs. Security Bank of Kansas City. In Western, the Cali...See the full content of this document
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