The Fraud Rule in the Law of Letters of Credit

The Fraud Rule in the Law of Letters of Credit

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qDr. Gao finds the best provisions and practices in respect of the fraud rule in the United States, the United Kingdom, Canada, and Australia, and applies these standards to the reformulation of the fraud rule in the PRC. In the process be surveys the entire field of the fraud rule in the law of letters of credit in its substantive aspects, thus going deeper than mere banking law analyses and revealing, for the benefit of jurists everywhere, the fundamental legal issues that must underlie all sound judicial reasoning in the area. In more practical terms, this approach also allows judges to meet their essential responsibility - that of giving an answer when a case is put before them - with the widest and best possible degree of discernment.q--BOOK JACKET.That is, in a letter of credit fraud case, issuers and courts are allowed to look not only to the credit transaction but also to the underlying transaction for evidence of fraud. ... 5-114(1), 5 that a demand for payment of a letter of credit should be honoured when documents comply on their face with the terms of the letter of ... For comments for this view, see, for example, L.K. Austin a#39;Letter of Credit: Gold Bullion?

Title:The Fraud Rule in the Law of Letters of Credit
Author:Xiang Gao (L.L.M.), Xiang Gao
Publisher:Kluwer Law International - 2002-01-01


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