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| TITLE | [Reimbursement of Payment under the Letter of Credit]Supreme Court Decision 2001Da68266 Delivered on January 24, 2003 [full Text] |
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| Summary | |
| [1] Where negotiation of a letter of credit (""Credit"") is not effected in compliance with the applicable law (due to fraudulent acts by the beneficiary), whether an issuing bank, against a negotiating bank, may avail itself of any and all defenses, general or special, that might be pleaded by a defendant against a beneficiary in an action for breach of agreement (affirmative) [2] Whether the Uniform Customs and Practice for Documentary Credits (the ""UCP"") issued by the International Chamber of Commerce (""ICC"") may apply to a Credit issued by means of the Society for Worldwide Interbank Financial Telecommunication (""SWIFT"") (affirmative) [3] Whether a deferred payable Credit, which is to be paid at the specified date, is negotiable by a nominated bank, which an issuing bank authorizes to effect payment by means of negotiation of shipping documents (affirmative) [4] The meaning of ""negotiation"" under Item ii of Article 10(b) of the 5th Revised UCP [5] A case holding that an issuing bank of a deferred payable Credit did not nominate or authorize another bank to effect a payment under the Credit nor to negotiate shipping documents | |
