International Letters Of Credit

Overview

Disputes over letters of credit take on added complexity where several parties are involved and each is situated in a different jurisdiction with no choice of law specified. This work examines the criteria applied to resolve such a situation.

Letters of credit usually involve at least four parties: (1) the buyer applicant, (2) the bank issuing the letters of credit, (3) the seller beneficiary, and (4) the corresponding bank confirming and advising or negotiating the letter of ...

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Overview

Disputes over letters of credit take on added complexity where several parties are involved and each is situated in a different jurisdiction with no choice of law specified. This work examines the criteria applied to resolve such a situation.

Letters of credit usually involve at least four parties: (1) the buyer applicant, (2) the bank issuing the letters of credit, (3) the seller beneficiary, and (4) the corresponding bank confirming and advising or negotiating the letter of credit. It is not uncommon that these parties will be located in different jurisdictions with different substantive and procedural laws.

Another twist: the Uniform Customs and Practice for documentary credits (UCP) governs the letters of credit when incorporated. While the UCP is a set of rules and practices on the use of letters of credit, this particular codification does not offer solutions to the conflict of laws problem in disputes over the use of letters of credit in the absence of an applicable choice of law provision.

International Letters of Credit: Resolving Conflict of Law Disputes contains a particularly useful documents section which includes the UCC Rules and samples of letters of credit. Legal practitioners involved in financial and banking law or the settlement of disputes, financial institutions, and those in import and export will find this a useful resource on a complex but not uncommon issue.

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Product Details

  • ISBN-13: 9789041107237
  • Publisher: Kluwer Law International, BV
  • Publication date: 3/19/1999
  • Edition description: 2ND
  • Edition number: 2
  • Pages: 346
  • Product dimensions: 6.14 (w) x 9.21 (h) x 0.81 (d)

Table of Contents

Preface
Resume Francais
Table of Abbreviations
Introduction
Ch. 1 Relationships and Connecting Factors Related to a Letter of Credit Transaction 1
1.1 Operation of the Letter of Credit 2
1.2 Relationships Developed in a Letter of Credit Transaction 4
1.3 Connecting Factors Relevant to Letter of Credit Transactions 10
Ch. 2 Conflict of Law Rules 15
2.1 General Rules of Conflict of Laws in Contracts 15
2.2 Conflict of Law Rules in Matters of Letters of Credit 36
Ch. 3 Specific Criteria as a Solution to Conflicts of Laws in Matters of Letters of Credit 45
3.1 Application of the Law of the Site of Issue 46
3.2 Application of the Law of the Site of Performance of Payment 59
3.3 General Comments on Case Study: Applying the Law of the Site of Issue and the Site of Payment 95
3.4 Proposed Method to Evaluate Specific Criteria 96
Conclusion 103
Glossary 105
App. 1 The Chuidian Judgment 123
App. 2 Charts 129
App. 3 Uniform Customs and Practice 143
App. 4 UCC 187
App. 5 Sample Letter of Credit Documents 195
App. 6 Letter of Credit Checklists 263
App. 7 ICC Uniform Customs and Practice for Documentary Credits 267
Conventions, Statutes and Codes Cited 303
Articles and Works Cited 305
Jurisprudence 311
Index 315
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