By Brian Reid, Geoffrey Stenger and Marina Ferguson (April 23, 2024, 1:19 PM EDT) -- Other than cash, a standby letter of credit (LoC) is generally considered the most liquid form of performance security. Accordingly, one would assume that where a party who delivered an LoC has breached the applicable contract, drawing down on the LoC should be as simple as the other counterparty walking down to the bank and asking for the cash, right? It might not be so simple anymore. This issue was addressed in Pacific Atlantic Pipeline Construction v. Coastal Gaslink Pipeline Ltd., 2023 ABKB 736....