AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Letters of Credit: When the Issuing Bank Must Pay Despite Nonconforming Documents.
Introduction
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.
Nearly two years ago, in the October 1999 edition of Business Credit, this author discussed the decision of the United States District Court for the Southern District of New York in Hamilton Bank N.A. v. Kookmin Bank on the duty of a letter of credit issuing bank to timely notify the letter of credit beneficiary of specific discrepancies ...
- Letters of credit: another case when the LC issuing bank must pay despite...
- Magazine article from: Business Credit Nathan, Bruce January 1, 2002 700+ words
...noncomplying documents to the LC issuing bank may still receive payment on...of China, a Texas case, the LC issuing bank messed up. The bank had failed...is the agreement between the LC issuing bank and the applicant/account party...
- Letters of credit: when the issuing bank's mistake results in payment against...
- Magazine article from: Business Credit Nathan, Bruce S. October 1, 1999 700+ words
...noncomplying documents to the L/C issuing bank may be saved from its own mistakes and...American seller to look to the L/C issuing bank instead of the Mexican buyer for payment...transport and insurance documents, to the issuing bank for payment, the issuing bank must...
- Letter of credit beneficiary beats issuing bank based on conforming documents...
- Magazine article from: Business Credit Nathan, Bruce S. July 1, 2003 700+ words
Introduction A letter of credit issuing bank must pay a letter of credit beneficiary...beneficiary had sued the letter of credit issuing bank for wrongful dishonor of the beneficiary...transport and insurance documents, to the issuing bank for payment, the issuing bank ...
- Card-Issuing Bank
- Encyclopedia entry from: Gale Encyclopedia of E-Commerce January 1, 2002 700+ words
CARD-ISSUING BANK Card-issuing banks issue credit...obtains approval from the card-issuing bank at the time of the transaction. A...processor sends the request to the card-issuing bank, which either issues an approval...
- Alpha Bank of Greece goes live with CardinalCommerce's Payment Authentication...
- Press release article from: M2 Presswire November 7, 2002 700+ words
...Authentication Platform; Consortium first to implement European issuing bank with Verified by Visa solution; Alpha Bank services 1...CardinalCommerce. "Alpha Bank has become the first card issuing bank in Europe to go live with Verified by Visa and has chosen...
- OPENS CARD BANK.(Blair Corp. opens a credit card issuing bank called JLB...
- Newspaper article from: Cardline August 29, 2003 700+ words
...Blair Corp., a Warren, PA, direct marketer of men's and women's clothes and home products, has opened a credit card issuing bank, company officials announced recently. The bank, JLB Service Bank, is a Delaware corporation that has been approved for...
- Exporters must ensure coordination of Incoterms and documentary requirements...
- Magazine article from: Business Credit Reilly, Kevin June 1, 2005 700+ words
...goods under its aegis to the issuing bank. This contrivance allows the issuing bank to maintain an interest in...industry, in the agency of the issuing bank, its correspondent or surrogate (in the case of an LC which is freely negotiable...
- InfiCorp Opens Credit Card Issuing Bank in Atlanta
- Press release article from: PR Newswire April 28, 1998 700+ words
ATLANTA, April 28 /PRNewswire/ -- InfiCorp Holdings, Inc. announced today the opening of a limited-purpose bank for issuing credit cards in association with clients. InfiBank is chartered in Georgia, headquartered in Atlanta and insured by the Federal Deposit Insurance Corporation. William Farr III
