European Union Law For International Business

Author: Bernard Bishop
Publisher: Cambridge University Press
ISBN: 113948091X
Size: 49.70 MB
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It remains to be seen whether this leads to more or fewer discrepancies. If the
buyer and the banks involved do not agree to allow the exporter to correct
discrepancies or accept documents that do not strictly comply with the letter of
credit, the exporter may be faced with attempting to secure payment in some
other way that will incur more costs. ... Inc. [1998] 670 NYS 2d 466, and the
discussion in K. Fung, Leading Court Cases on Letters of Credit, ICC Publishing,
Paris, 2004, p. 20.

Hsbc S Guide To Cash And Treasury Management In Asia Pacific 2008 English

Publisher: PPP Company Ltd
ISBN: 9789881702630
Size: 61.14 MB
Format: PDF
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Partner, DLA Piper, Hong Kong Fung King Tak is a partner at the Hong Kong
office of DLA Piper specialising in international trade law and practice. He is a
member of the International Chamber of Commerce Consulting Group on the
UCP 500 revision, author of "Leading Court Cases on Letters of Credit" and a
banking and letters of credit expert witness for the Hong Kong courts. Mr Fung
has conducted more than 310 interactive legal and banking workshops across
Asia Pacific, ...

The Fraud Rule In The Law Of Letters Of Credit A Comparative Study

Author: Xiang Gao
Publisher: Kluwer Law International
ISBN: 9041198989
Size: 71.58 MB
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The promulgation of s 5-114(2) has greatly fostered study of the fraud rule, a fact
illustrated by a greatly increased volume of case law on letter of credit fraud39
and by much more commentary on the fraud rule worldwide.40 And it may be that
its influence has been even greater in civil law countries than in common law ...
future development,42 the provisions of s 5-114(2) were not entirely faultless, in
some cases even leading to confusion among courts and letter of credit users.

American Leading Cases

Author: Horace Binney Wallace
Size: 66.60 MB
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Being Select Decisions of American Courts, in Several Departments of Law, with
Especial Reference to Mercantile Law : with Notes Horace Binney Wallace John
Innes Clark Hare, John William Wallace. “ No man is ever supposed to advance
money upon such a letter of credit, upon the mere credit of the party, to whom the
letter is given; and I venture to aflirm, that no man ever took bills on the faith of
such a letter, without a distinct belief, that the drawee was bound to him to accept
the ...

Standby And Commercial Letters Of Credit

Author: Brooke Wunnicke
Publisher: Aspen Publishers Online
ISBN: 0735517339
Size: 25.58 MB
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Some of the cases show the continuing propensity of some lower courts, despite
the holdings of appellate courts, to construe standby credits by relying in part on
the provisions of underlying contracts that are almost inevitably referred to in the
language of the credits. [1] Development Loans Barclays Bank D.C.O. v.
Mercantile National Bank,104 decided in 1973, remains a leading case in letter
of credit law. The facts of this case involve a nonbank letter of credit that was
inadvertently ...

American International Law Cases Fourth Series

Author: Oceana Editorial Board
ISBN: 0199758921
Size: 23.19 MB
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The guaranties and counterguaranties at issue in this case share this essential
feature of independence from the underlying contractual relationships, and,
therefore, are governed by letter-of-credit law. ... (Id.) These provisions plainly
reflect the parties' expectation that WAPDA would receive money promptly if it
submitted a facially valid certification that Isolux failed to perform its obligations—
a defining characteristic of standby letters of credit. Beyond this, a leading treatise

The Law Of Letters Of Credit And Bank Guarantees

Author: Agasha Mugasha
Publisher: Federation Press
ISBN: 9781862872202
Size: 41.15 MB
Format: PDF
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Agasha Mugasha. difficult to recover from the recipient of the funds.65 This issue
is illustrated by the case of American Bell International v Islamic Republic of Iran,
66 which arose out of a successful revolution in Iran. The bank guarantee had
been opened by Bank Iranshar in Iran and counter-guaranteed by a standby
letter of credit issued by Manufacturers Hanover Trust in the United States. The
beneficiary of the bank guarantee was the "Imperial Government of Iran Ministry
of War".

Letters Of Credit And Demand Guarantees Defences To Payment

Author: Deborah Horowitz
Publisher: Oxford University Press
ISBN: 0199588538
Size: 10.59 MB
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No subsequent English case involving a letter of credit has permitted a fraud in
the transaction defence, and almost all of those cases have denied injunctive
relief. ... In an article entitled, 'Tethering the Fraud Inquiry in Letter of Credit Law',
Professor Dolan has endorsed the importance of the autonomy ofletters of credit.
64 Indeed, he states, referring to Professor Goode, that letters of credit and
independent bank guarantees are abstract payment undertakings, and are 'the
chief ...

Clive M Schmitthoff S Select Essays On International Trade Law

Author: Clive Maximilian Schmitthoff
Publisher: BRILL
ISBN: 9789024737024
Size: 71.72 MB
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The main object of this essay is thus an analysis of recent English case law on
the conflictual aspects of letters of credit. II. THE PRINCIPLE OF AUTONOMY OF
THE LETTER OF CREDIT The English courts accord full recognition to the letter
of credit as the most important payment mechanism in international trade. Five
leading commercial judges, all now sitting in the Court of Appeal, have referred to
the letter of credit as 'the life blood of international commerce'. They are Lord
Justices ...