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Letters of credit: another case when the LC issuing bank must pay despite discrepancies. (Business Law).(letter of credit)
A letter of credit (LC) beneficiary must present complying documents in order to receive payment on an LC. However, a beneficiary that presents noncomplying documents to the LC issuing bank may still receive payment on the LC when the LC issuer fails to follow the requirements for dishonoring an LC draw.
In Voest-Alpine Trading U.S.A. Corp. v. Bank of China, a Texas case, the LC issuing bank messed up. The bank had failed to give timely notice to the LC beneficiary that the bank was rejecting a drawing on the LC because of the presentation of documents containing discrepancies. The United States District Court for the Southern District of Texas held that the ...
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