信用狀去來에 있어서 詐欺例外의 適用基準에 관한 연구

Abstract

The issue on which I will concentrate in this paper, is the standard of the fraud exception to the obligation of the issuing bank to pay under a letter of credit on demand by the beneficiary. The Purpose of this study is to examine the definite and reasonable standard of Fraud exception in Letter of Credit Transaction for the parties concerned Letter of Credit has been widely used as the most effective method for many years in international trade. It is a payment undertaking given by the issuing bank on behalf of the applicant to pay a beneficiary a given proceeds on presentation of specified documents representing the supply of goods according to the independence and abstraction of Letter of Credit. The corollary to these doctrines is that the seller will always receive payment from the bank if he submits documents that strictly comply with the credit, regardless of any developments in the underlying sales agreement, or in the relationship between the seller and the buyer. However, the bank can either avoid payment, or can be prevented from making payment where it would be unconscionable to insist that a bank makes payment to a seller, if the seller has been unscrupulous towards the buyer or the issuing bank. But Based on these considerations, standards of fraud, such as egregious fraud, which may lead to the fraud rule being abused, should be avoided and a proper and practical standard of fraud should be adopted. So, It is hoped that in the next revision of the UCP, the rule of fraud exception will be chosen as set forth in Article 5-109 of UCC and Article 19 of the UNCITRAL Convention. If the UCP embraces the rule of fraud exception, the result will be a highly workable jurisprudence that will serve to enhance the commercial utility of letters of credit and limit their use to perpetrate fraud and thereby promote the efficiency of international trade.