The Role of Attorney's Fees in Letter of Credit Litigation

This article makes the case for mandatory attorney's fees in letter of credit ("LC") litigation in virtue of the fact that limiting such litigation is necessary to preserve the LC as a unique commercial bank product. It does not argue against granting fees to successful petitioners. It argues in favor of fees for defendants when petitioners have availed themselves of the LC's benefits and seek to avoid the LC's burdens not as a matter of allocating rights under the LC but as an effort to avoid duties under it.