State Wage Protection Law Trumps "Perpetual" Standby Letter Of Credit

LexisNexis (November 22, 2016, 12:52 PM EST) -- Sometimes UCC rules conflict with other state statutes and the courts need to determine which statute controls.  In a recent decision, the West Virginia Supreme Court has ruled that the state's Wage Payment Collection Act (WPCA) preempted the UCC rule that allows standby letters of credit to be designated and enforced as "perpetual."  In reaching its decision, the court employed standard tenets of statutory construction.  We agree with the decision.  ...