Letter of Credit Litigation under UCC Article 5: A Case of Statutory Preemption

44 Pages Posted: 22 Nov 2011

See all articles by John Dolan

John Dolan

Wayne State University Law School

Date Written: November 14, 2011

Abstract

In this article, Professor Dolan maintains that UCC Article 5 fashions a comprehensive remedy scheme for recurring damages claims in letter of credit litigation. That scheme, he contends, is upset by the introduction of most common law causes of action in Article 5 litigation. He concludes, therefore, that courts should not entertain those common law claims, which he sees as destructive of letter of credit law and of the unique commercial nature of letters of credit. Using the economic loss doctrine and similar theories, he urges courts to dismiss actions brought in addition to or in lieu of the remedies Article 5 crafts.

Suggested Citation

Dolan, John, Letter of Credit Litigation under UCC Article 5: A Case of Statutory Preemption (November 14, 2011). Wayne State University Law School Research Paper No. 11-15, Available at SSRN: https://ssrn.com/abstract=1963240 or http://dx.doi.org/10.2139/ssrn.1963240

John Dolan (Contact Author)

Wayne State University Law School ( email )

471 W. Palmer
Detroit, MI 48202
United States
313-577-4856 (Phone)

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