This book examines the legal nature and requirements of compliance in letter of credit transactions in Anglo-American jurisdictions, as well as the associated contract choice of law issues. It gives an authoritative exposition of the mechanics of the law on the problem of compliance in the field, and is the first to afford a comprehensive, highly analytical critique of the topic from the point of view of modern international banking practice. In a user-friendly style, it provides an in-depth elucidation of the context of the key roles of individual parties during the course of the transactions, aiding a thorough understanding of the legal problems covered. Structured in four parts, it covers the opening of a complying letter of credit; the regularity of performance under a properly opened letter of credit; ways in which an unreimbursed bank may recover money it mistakenly paid against a faulty presentation; and the conflict of laws problems involved in the context of a beneficiary claiming entitlement to the sum on the credit against an allegedly complying tender of documents.
In the conflict of laws section substantial attention is given to the many difficult hurdles that the potential claimant often confronts, and explores the various methods and techniques available. An important aspect of the analysis in this part is ascertainment of the legal system which the courts at common law and under Rome I Regulation would apply to resolve a claim.
Dr Ebenezer is Lecturer in Law at the School of Law, University of Surrey. Dr Adodo completed his PhD at the National University of Singapore and has written widely on letters of credit and related topics. His articles have been published in journals such as the Journal of Business Law.
PART I - SETTING UP A LETTER OF CREDIT TRANSACTION; INTRODUCTION TO PART I; PART II - PROPER PERFORMANCE UNDER THE OPERATIVE CREDIT; INTRODUCTION TO PART II; PART III - CONTRACT CHOICE OF LAW ISSUES; INTRODUCTION TO PART III