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The Letter Of Credit As Security For Completion Of Streets, Sidewalks, And Other Bonded Municipal Improvements, James P. Downey
The Letter Of Credit As Security For Completion Of Streets, Sidewalks, And Other Bonded Municipal Improvements, James P. Downey
University of Richmond Law Review
When approving a land development project, municipalities require assurance that developers will construct the required public improvements, and that in the event of default, the surety will be responsive, so that the project will be completed promptly, without risk to the municipal treasury. A form of guarantee sometimes used is the letter of credit. The case law involving public improvement letters of credit is sparse, yet the contingent liability to municipalities from defaulted land developments, with illusory sureties, should not be underestimated.
Annual Survey Of Virginia Law: Commercial Law, Michael J. Herbert
Annual Survey Of Virginia Law: Commercial Law, Michael J. Herbert
University of Richmond Law Review
This survey of commercial law reviews all Virginia Supreme Court cases interpreting the Virginia Uniform Commercial Code (the "Code") and all statutory changes made to the Code in the 1988 session of the General Assembly. It also reviews significant Code cases decided in the various federal courts located in Virginia and in the Virginia circuit courts. It is current as of approximately May 1, 1988.