Article 5 of the Uniform Commercial Code (U.C.C.) codifies letter of credit (LC) law. It was drafted to provide an independent theoretical frame for further development of LCs1 and left much to other U.C.C, articles, other law, and future adjudication.2 Article 5 left little to be decided by practice, and it ignored the Uniform Customs and Practice for Documentary Credits (U.C.P.),3 although the U.C.P. had already evolved
Examines the nature of meaningful customer relationships to determine what contributes to meaningfulness and to explore ways in which companies can establish more meaningful relationships with customers. Explores and applies the social psychology roots of the concept of meaning in a customer relationships context. Gleans evidence of meaningful customer relationships from the consumer psychology and marketing literature and from research conducted by the author. Examines situations where a company or a brand clearly occupies an important place in the life of a customer and discusses the characteristics of such relationships. Examines the factors that contribute to meaningful customer relationships. Looks at the implications for further customer research and for marketing and brand managers.
This chapter evaluates the challenging issue of knowing how well a firm is doing in its quest to establish more meaningful relationships with its customers. If a firm is to develop an effective customer strategy, then that strategy must be grounded in much more insightful information than is typically available. The chapter shows how such insightful information about customer can be obtained. It is also necessary to know if customers are noticing a firm's efforts to establish an emotional connection. It shows whether a firm's efforts are having desired effect of building a closer attachment between its brand and its customers. Customer relationship strategies are evaluated and refined to understand this phenomenon.
the U.S. Council on International Banking, Inc., that published An Examination of U.C.C. Article 5 (Letters of Credit), 45 Bus. Law. 1521 (1990). Additionally, Mr. Barnes is an advisor to the NCCUSL Drafting Committee to Revise U.C.C. Article 5 and a delegate to the UNCITRAL Working Group on Standby Letters of Credit and Independent Guarantees. Professor Byrne teaches law at George Mason University School of Law and is Director of the Institute of International Banking Law & Practice, Inc. He chaired the Task Force Report, chairs the U.S. delegation to the UNCITRAL Working Group on Standby Letters of Credit and Independent Guarantees, is Director of the Institute of International Banking Law and Practice, Inc., and is an advisor to the NCCUSL Drafting Committee to Revise U.C.C. Article 5. He is editor-in-chief of Letter of Credit Update, an international journal of of law and practice. For the last two years, Professor Byrne and Mr. Barnes co-authored the of segment of the annual U.C.C, surveys in The Business Lawyer. This year, Professor Byrne assumed primary responsibility for this Article and Mr. Barnes assumed primary responsibility for the companion article on the revision of U.C.C. Article 5. Each article reflects the views of the co-author with primary responsibility and not necessarily those of the other or of any other organization with which either is associated. 1. See James G. Barnes & James E. Byrne, Letters of Credit, 49 Bus. Law. 1907 (1994); James G. Barnes & James E. Byrne, Letters of Credit, 48 Bus. Law. 1635 (1993). 2. Unless otherwise specified, or credit means letter of credit, applicant includes the parallel terms account party and customer, U.C.C, references are to the 1990 Official Text of the Uniform Commercial Code, and U.C.P. means the Uniform Customs and Practice for Documentary Credits, 1993 revision (Publication No. 500) or the 1983 revision (Publication No. 400) as the case may be. 3. For a comprehensive summary of of activity in 1994, see The Institute of International Banking Law and Practice, Inc., 1995 Annual Survey of Letter of Credit Law 8c Practice (Byrne et al. eds. 1995) (available from The Institute of International Banking Law 8c Practice, Inc., P.O. Box 2235, Montgomery Village, MD 20879). The principal activity in the LC field in 1 994 was law reform. See James E. Byrne, Critical Issues in the International and Domestic Harmonization of Letter of Credit Law and Practice, in Commercial Law Annotated 389 (Louis F. Del Duca 8c Patrick Del Duca eds., 1995). The UNCITRAL Convention on Independent Guarantees and Standby Letters of Credit moved toward completion in 1994 and has been completed in 1995. The Reports of the UNCITRAL Working Group and Drafts of the Convention are reprinted at 10 Letter of Credit Update 27 (Jan. 1994) (Report of 19th Session); 10 Letter of Credit Update 25 (Apr. 1994) (Oct. 12, 1993 Draft); 10 Letter of Credit Update 27 (May 1994) (Report of 20th Session); 10 Letter of Credit Update 31 (June 1994) (Report of 21st Session); 10 Letter of Credit Update
This survey of letter of credit (LC) cases decided in the United States in 1995 follows the format of past years' surveys. Cases are divided into pre-honor cases in which the beneficiary seeks honor (e.g., actions by the beneficiary against the issuer for wrongful dishonor or by the applicant against the issuer to prevent honor), and post-honor cases in which reimbursement or other recovery of a payment under a credit is sought (e.g., an issuer seeking reimbursement from the applicant or asserting subrogation rights against the beneficiary). More than three quarters of the 1995 reported decisions were resolved on summary disposition and considerably more than half of the cases involved standby credits. Particularly noteworthy in the cases decided in 1995 are the first signs of the impact of the recently revised U.C.C. Article 5.
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