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Expert Analysis

A Potentially Superior Way To Secure Lease Obligations

Law360, New York (February 13, 2013, 10:57 AM EST) -- Commercial landlords, especially in this economy, need to do as much as possible to secure their positions and protect themselves from a tenant's lease default. Historically, landlords have used security deposits in order to accomplish that objective. In a normal context, a security deposit is an efficient way to secure lease obligations because upon default (and pursuant to the terms of the lease), the security deposit is forfeited to the landlord in order to cover the loss of rents. More recently, however, commercial landlords are turning to letters of credit as a potentially superior way to secure lease obligations....

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