Municipal – Letter Of Credit – Developer Project – Limitations
Published: May 4, 2009
A county loses its suit for collection on a letter of credit issued by defendant bank in 1990 to cover site work that developers never completed, as it is unreasonable for the county to issue its demand 17 years after the initial default by the developers, a Fairfax Circuit Court says.
Board of Supervisors of Fairfax County, Va. v. Burke & Herbert Bank & Trust Co. (Fairfax Cir.Ct.) (VLW 009-8-096) (4 pp.)
© Copyright 2013 Virginia Lawyers Media. All Rights Reserved.