LexisNexis (March 11, 2019, 2:19 PM EDT) -- Standby letters of credit are akin to secured loans, even though the legal/compliance risks are different. One of the baseline principles governing letters of credit is that the issuing bank must honor a presentment that appears on its face “strictly to comply with the terms and conditions of the letter of credit.” UCC 5-108(a). In spite of this rule, the courts often provide some slack, as illustrated by a notable decision from New York....