A case of international air freight, where an apparent fraud makes the bank to make a wrongful dishonour.Details coming soon...
Saturday, March 24, 2007
ROCKWELL
CAMBRIDGE
Another case of back-to-back-credit transaction, where the injunction was made against the seller, with apparent fraud in the transaction
SZTEZN
This case highlights the nature of "fraud" in a documentary sale with Letter of Credit(L/C). Even in case of a fraud , if the presentment is made by the holder of due course of action, the bank has to honor the request.
MAURICE O'MEARA
The legendary "Lord Cardozo" raises his concern about the independence principle hindering the "falsity" in transactions done through letter of credit.
TSAKIROGLOU
This case illustrates on how the "fairness approach" and the "contract interpretation approach" yielded different decisions under a circumstance of force majeur.
THE JULIA
BIDDEL
The Biddel case lays the foundation to the term "CIF contract" and documentary sale. This is still being practiced in small businesses wish to incur high fees from banks for issuing a letter of credit. The images explain buyer's and seller's obligations and illustrates how the buyer pays "blind" in such transactions
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