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The practical effect of the Code's Letter of Credit Article on members of the commercial community-bankers, merchants and their counsel-is this: If heretofore they have been conducting their operations in accordance with widely accepted American practice, they may continue to do so in the future with the assurance of some statutory support. The situation is as simple as that because in the end, although there were periods during the exploratory process when other possibilities were examined, the article makes no attempt to revolutionize established letter of credit practice as it exists in the United States, but simply codifies it. The Letter of Credit article is brief-it has only seventeen sections-and all but one of its comments begin with the comforting words,

Practical Effect of the Uniform Commercial Code on Documentary Letter of Credit Transactions