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This article was begun as an exploration into the suretyship aspects of letters of credit. The writer was soon led into the by-road of guaranty and other forms of suretyship risk, partly for the reason that in places the boundary line between the two ways is indistinct, and partly because the signs and rules of the road are in many respects the same for both, or at least are important for purposes of comparison. Thus, the processes of interpretation and construction are similar for guaranties and letters of credit; the principles governing defences have a more or less common application; and questions of corporate authority cannot be satisfactorily answered without considering both forms of undertaking.

Guaranties and The Suretyship Phases of Letters of Credit