A Study on Preclusion Rule in Letter of Credit Operations
0
조회
0
다운로드
3
인용
0
참고문헌
키워드
초록
According to UCP600, an issuing bank has a maximum of five banking days following the banking day of presentation to determine whether the presentation is complying. If the issuing bank, decides to refuse to honour, it must give the presenter a single notice stating that it is refusing to honour, and identify all the discrepancies, by expeditious means. UCP600 faces a challenge because UCC Article 5 tells that a reasonable time for examination can expire before the deadline. An issuing bank that fails to give timely and complete notice to presenter of refusal to honour is strictly precluded from claiming that the presentation had been non-complying. Therefore a Korean issuing bank especially dealing with a beneficiary in USA shall be cautious in refusal notice procedure especially in case ISP98 is adapted as a governing rule or USA is employed as a jurisdiction.
Abstract
According to UCP600, an issuing bank has a maximum of five banking days following the banking day of presentation to determine whether the presentation is complying. If the issuing bank, decides to refuse to honour, it must give the presenter a single notice stating that it is refusing to honour, and identify all the discrepancies, by expeditious means. UCP600 faces a challenge because UCC Article 5 tells that a reasonable time for examination can expire before the deadline. An issuing bank that fails to give timely and complete notice to presenter of refusal to honour is strictly precluded from claiming that the presentation had been non-complying. Therefore a Korean issuing bank especially dealing with a beneficiary in USA shall be cautious in refusal notice procedure especially in case ISP98 is adapted as a governing rule or USA is employed as a jurisdiction.
참고문헌 (20)
- James E. Byrne, "Negotiation in Letter of Credit Practice and Law: The Evolution of the Doctrine", TEX. INT'L L.J, 42(22), pp.561~569 (2007)
- James E. Byrne, "Comparison of UCP600 & UCP500" (1998), The Institute of International Banking Law & Practice
- James E. Byrne, "International Letter of Credit Law and Practice" (2011), WEST
- James E. Byrne, "Official Commentary Commentary ISP98" (1998), The Institute of International Banking Law & Practice
- John F. Dolan, "Negotiation Letters of Credit", BANKING L.J, 119, pp.409~410 (2002)
- John F. Dolan, "The Law of Letters of Credit" (2005), AS. Pratt & Sons
- "DBJJJ Inc v National City Bank, 19 Cal.Rptr.3d 904 (Cal. Ct. App. 2004)", ~ (2004)
- , 2010
- 4 LRI 204 (Sup. Ct. of India), , 2002
- "Hamilton Bank NA v Kookmin Bank, 245 F.3d 82; 2001 U.S. App. LEXIS 5191 (2d Cir. 2001)", ~ (2001)
- "Heritage Bank v Redcom Laboratories, 2001 U.S. App. LEXIS 9202; 250 F.3d 319 (5 th Cir.)", ~ (2001)
- , 1989
- , 2004
- , 2001
- Annual Survey of Letter of Credit Law & Practice (2001~2008), , The Institute of International Banking Law & Practice, ~ (2001)
- "DC INSIGHT 5, 6", ~ (2007)
- "ICC Official Opinions", ~
- "The Uniform Commercial Code", ~
- "Uniform Customs and Practice for Documentary Credits", International Chamber of Commerce, Paris (ICC Publication No400~600), ~