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.
Commercial Law | Law | Law and Economics
John F. Dolan, Letter of Credit Litigation under UCC Article 5: A Case of Statutory Preemption, 57 Wayne L. Rev. 1269 (2011).