section 1951

Citation: section 1951
Parent Document: 250 LLC v. Photopoint Corp.(usa), 32 Cal. Rptr. 3d 296 (2005)
Jurisdiction: California (state)
Effective Date: 2005-07-28
Original Source: https://www.courtlistener.com/opinion/2281319/250-llc-v-photopoint-corpusa/ ↗

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section 1951.7, subdivision (a), which defines an “advance payment” under a lease as “moneys” deposited with the landlord to secure performance of the lease, or other payment that is the “substantial equivalent” of such a deposit. 250 thus submits that the letter of credit could not be deemed a security deposit on the theory that it was substantially equivalent to money. 250 also relies on the “independence principle” applicable to letters of credit — the rule that the issuer’s obligation to honor a draw on the letter of credit is entirely separate from any underlying contract between the issuer’s customer and the letter of credit beneficiary (Western Security Bank v. Superior Court

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