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Title: An appraisal of the fraud exception and the principle of strict compliance in letters of credit
Keywords: letter of credit; fraud exception; autonomy principle; strict compliance; presentation documents and a rejection notice; interlocutory proceedings.
Issue Date: 6-Jul-2006
Citation: EBENEZER OAHIMIRE IMONITIE ADODO (2006-07-06). An appraisal of the fraud exception and the principle of strict compliance in letters of credit. ScholarBank@NUS Repository.
Abstract: This thesis critiques the fraud exception to the autonomy principle in the law of the letter of credit and explores the practical and conceptual affinities between the doctrine of strict compliance of presentation documents and a banka??s obligation to furnish proper notice once it has taken a decision to withhold payment on account of a documentary discrepancy. Further, this study evaluates the common law principle which teaches that the English courts will not grant an interlocutory injunction to interrupt payment under a letter of credit without the showing by the claimant of a fraud clear or obvious to the knowledge of the bank; probes the propriety of the requirement of a substantive cause of action to support an application for an interlocutory injunction to restrain a paying bank from making payment; and proposes that the rigid application by the English courts of the conventional balance of convenience criterion in letters of credit interlocutory proceedings should be discarded; in this regard, specific proposals for reform of the law are made.
Appears in Collections:Master's Theses (Open)

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