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The Fraud Exception of The Autonomy Principle of L/Cs

论文作者:www.51lunwen.org论文属性:作业 Assignment登出时间:2014-06-11编辑:lzm点击率:15585

论文字数:4426论文编号:org201406111658441231语种:英语 English地区:中国价格:免费论文

关键词:The Fraud ExceptionThe Autonomy Principle of L/CsDocumentary CreditAutonomy Principle

摘要:The wider approach is not compelling because it allows purely contractual issues to defeat the letter of credit and reassigns the contractual allocation of risk as between the parties. We can not let these details in the way of the international transaction.

The Fraud Exception of The Autonomy Principle of L/Cs

Table of Content
Introduction 3
Documentary Credit and the Importance of Autonomy Principle 3
Documentary Credit ….3
Autonomy Principle of Documentary Credits 4
Fraud Exception Comes into Being 5
The Case of Szteijn v. J Henry Schroder Banking Corp 5
Fraud Exception 6
The Narrow Applying Principle of Fraud Exception 6
The Case of United City Merchants v. The Royal Bank of Canada 6
Surprising Narrow Basis of Fraud Exception 7
The Practical Jurisprudence around the World 9
Fraud Exception in United Kingdom 9
Fraud Exception in the USA 9
Fraud Exception in Singapore 10
Conclusion 11
References 12

1.0 Introduction
Documentary credits are vital tools for financing international trade. They allow transactions of goods and services in an international arena that may not have otherwise taken place. The principle of autonomy or may be called the principle of independence is one of the critical principles letters of credit has to abide in the international transaction process. Applying the autonomy principle of letters of credit brings convenience to the applicant, issuing bank and the beneficiary. However, the act also results in fraud in the documentary credit, and to reduce the risk of fraud in transaction, the fraud exception of the autonomy of letters of credit comes into being. This essay is going to discuss the fraud exception of the principle of autonomy in documentary credit and the narrow and broad approach in fraud exception. The second part of the essay will outline the basic content of documentary credit and demonstrate the reasons of why the autonomy principle is of importance. The following part will bring out the fraud exception by introducing the case of Szteijn v. J Herry Schroder Banking Corp , which laid down the foundation of fraud exception of documentary credit in America in 1941. The applying principle of fraud exception will be the subject of the fourth part of the essay by analyzing the famous case of United City Merchants v. The Royal Bank of Canada happened in England. And the fifth part is supposed to critically discuss the narrow construction of the fraud exception and the need to widen the exception. The last part sets out to introduce the practical exception act of countries around the world and give some suggestions on the fraud exception of autonomy principle.

2.0 Documentary Credit and the Importance of Autonomy Principle

2.1 Documentary Credit 

(1) Why L/C Comes into Being?
Since the seller and the buyer are separated geographically, there exists an inherent risk when involving in international trade. It is of great difficult for the seller to estimate the buyer’s ability and willingness to make the payment. There are lots of uncontrollable factors involving the buyers and sellers, shipping company and insurance company at home and abroad. The principal concern of the seller is to receive the money of his goods and the buyer’s is to get the conformed goods he wishes to buy, but seller’s side do not want to ship the good until he is paid, and the other do not want to pay before he receives the goods. What a dilemma! However the documentary credit just comes to rescue and makes the transactio论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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