Disputes over letters of credit take on added complexity where several parties are involved and each is situated in a different jurisdiction with no choice of law specified. This work examines the criteria applied to resolve such a situation. Letters of credit usually involve at least four parties: (1) the buyer applicant, (2) the bank issuing the letters of credit, (3) the seller beneficiary, and (4) the corresponding bank confirming and advising or negotiating the letter of credit. It is not uncommon that these parties will be located in different jurisdictions with different substantive...