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TITLE [Payment under Letter of Credit]Supreme Court Decision 2002Da3754 Delivered on May 27, 2005 [full Text]
Summary
[1] The method of determining whether shipping documents comply with the terms and conditions of the letter of credit in the event where several shipments were made regarding the same freight and shipping documents were separately executed for each shipment within the expiry date of the letter of credit [2] The criterion date for the issuing bank to determine whether the presented letter of credit documents comply with the terms and conditions of the letter of credit [3] The status of a bank presented with shipping documents by the beneficiary where a freely negotiable letter of credit is issued; and the issue of whether the fifth amended version of the Uniform Customs and Practice for Documentary Credits is applicable to the case where the above bank seek payment from the issuing bank under the letter of credit without negotiating the documents (affirmative with qualification)
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