Carter H. Klein concentrates his practice on Uniform Commercial Code work, secured and unsecured lending, asset sales and purchases, trade finance, outsourcing, payments, financial services and regulation and credit enhancements and workouts. Corporations, businesses, banks and other financial institutions seek his counsel on funds transfers, sales and acquisitions, and financial and international transactions work. In particular, he has extensive experience with Article 5 of the Uniform Commercial Code – Letters of Credit.
Mr. Klein is AV Peer Review Rated, Martindale-Hubbell’s highest peer recognition for ethical standards and legal ability. Best Lawyers in America has named him one of the best lawyers in banking law for 10 years, and Chicago magazine regularly names him an “Illinois Super Lawyer” for banking and finance. Mr. Klein is a member of the firm’s Corporate, Financial Services, and Commercial Law practices. He edits three books on the Uniform Commercial Code and writes and speaks on the subjects of letters of credit, secured lending and payments. He was an adjunct professor of Business Law at Northwestern University’s Kellogg School of Business for five years.
Mr. Klein is a member of the American College of Commercial Finance Lawyers, liaison for the American Bar Association’s Uniform Commercial Code Committee to the Permanent Editorial Board of the Uniform Commercial Code, and a member of the Banking Committee of the US Council on International Business. He previously served for five years as chair of the ABA’s Letter of Credit Subcommittee. For the Chicago Bar Association, he has chaired the Commercial and Financial Transactions Committee, the International & Foreign Law Committee and the Consumer Credit Committee.
As chair of the Payments Subcommittee of the UCC Committee of the ABA, Mr. Klein put together and moderated a program at the April 2013 Spring Business Law Meeting in Washington, DC, on major payment systems called “The Alphabet Soup of Payments: FFIEC, FRB, ACH, ECCHO, and UCC 4A: Regulatory Guidelines, Technology and Allocation of Commercial Fraud Losses.” His panel included representatives of the major commercial payments systems that process more than $1,000,000,000,000,000 in payments annually, including speakers from The Clearing House, Fedwire, NACHA, The Electronic Check Clearing House Organization (ECCHO) and Professor Barkley Clark.
At the Payments Subcommittee meeting at the ABA Annual Meeting in San Francisco in August 2013, Mr. Klein moderated a talk given by Professor Ben Geva on mobile payments. Prof. Geva is the author of a treatise titled The Law of Electronic Funds Transfers.
As chair of the ABA Payments Subcommittee, Mr. Klein presented another major program for the ABA’s Spring Business Law Section Meeting in April 2014 in Los Angeles, titled "What Did My Company Agree To? -- Anatomy of Bank Deposit, Cash Management, Remote Deposit Capture and Electronic Banking Agreement Terms." Speakers included Mr. Klein himself, in-house counsel for JPMChase Bank, an attorney from T. Rowe Price, and the Treasurer from Sony Pictures.
Mr. Klein with his partner, Daniel R. Murray, edits three books on the Uniform Commercial Code. Mr. Klein's chapters deal with Articles 3, 4, 4A and 5 of the UCC — payments, bank deposits, wire transfers and letters of credit — and require him to review annually significant caselaw and technology developments involving payments.
He has drafted, advised and counseled banks and corporations on their electronic banking agreements, deposit agreements and positive pay agreements, and worked with Jenner & Block's litigators in defending banks, corporate users and others on payment and letter of credit issues, including Regulation E, overdraft charges and other issues.