美 統一商法典 신용장편 제109조 (a)항에 관한 소고

Abstract

A very enormous risk is involved in international trade because a large amount of money is involved in and there is a gap between delivery of agreed goods and payment. Hence seller and buyer tend to select payment method of Letter of Credit(L/C) that links documentary draft with payment undertaking of banks. As we know, the letter of credit was developed by commercial needs. But As times have gone by, many principles arouse. The autonomy, abstract and strict compliance priniciple underlie L/C. so, L/C functions as well under these principles. But As there is no rule but no exception, in a given case exception from application of these principles is allowed. This is so called “fraud exception” or “fraud rule.” Because the fraud exception rule constitutes contracting out an application of basic principles, this rule should apply restrictively and in many authorities a court do not apply this rule to nominated bank, confirming bank, and bona fide holder of draft even if fraud is involved in L/C transactions. If not, we lose a lot of benefits from the credit as valuable commercial device through reservation of these principles to take a few benefits. So, We must bear in mind that the fraud exception rule should apply restrictively. Hence, this study analyzes condition of application and exception from application of fraud exception rule in view of Uniform Commercial Code Article 5-109(a) this study.