UNIFORM LAW CONFERENCE OF CANADA QUEBEC CITY AUGUST 10-14, 2008

RESOLVED: THAT the written reports presented to the Civil Section and to the joint session of the Civil and Criminal Sections appear in the 2008 Proceedings; and THAT a summary of the oral reports presented to the Civil Section and to the joint session of the Civil and Criminal Sections appear in the 2008 Proceedings. [...] In summary, it deals with the scope of application of the Convention, a definition of undertaking, issuance and amendment of the instrument, transfer of the beneficiary rights, assignment of the proceeds of the credit, determination of rights and obligations, standard of conduct and liability of the issuers, and demand, payment and set off. [...] At the end of the discussion, the following resolution was presented: RESOLVED: THAT the Joint Civil/Criminal Section Working Group be directed to: (a) continue its work on the issues raised in the Report in accordance with the direction of the Conference; (b) monitor the results of the Miazga appeal and its impact on the recommendations of the Working Group; and (c) report back to the Conference. [...] The second part of the Report also discusses what subsidiary issues could be addressed in a detailed legislative scheme, such as: the enforceability of the contract; the identification of the third party; the right to vary or cancel the contract; the third party rights subject to the terms of the contract and other defences, set-offs, counterclaims and remedies; the potential for overlapping claim. [...] On November, 9, 2007, a resolution was passed that named the committee the “Advisory Committee on Program Development and Management” and provided that the membership of the Committee be appointed by the Executive Committee and that the Chair of the Civil Section be a member of the Committee.