무역학회지 (Korea Trade Review)

한국무역학회 (Korea Trade Research Association)
권호 표지
DOI QR코드

DOI QR Code

은행보증의 독립성 예외와 "비양심성"에 관한 연구

A Study on Unconscionability as an Exception to the Independence Principle under Bank Guarantees

  • 채진익 (공주대학교 경제통상학부)
  • Jing-Ik Chae (Division of Economics and Trade, Kongju National University)
  • 투고 : 2022.09.28
  • 심사 : 2022.10.30
  • 발행 : 2022.10.30
PDF 다운로드
⟨ 이전 논문 다음 논문 ⟩

초록

This paper reviewed "unconscionability" as an exception to the independence principle of bank guarantees. Apart from fraud which has been recognized in most international jurisdictions, Uuconscionability would also be recognized as the exception to the legal principle, the so-called "fraud rule" or "an abuse of rights." Unconscionability exception is applied in the same manner as fraud and other exceptions to the principle of independence. The exception should allow guarantor to dishonor the drawings that abuse the independence principle. However, outright or manifest facts of the unconscionability must be established in order to apply the exception. Lots of arguments or conflicts may be caused in applying the unconscionability exception. Therefore, this study aims to prevent institutional abuses or to reduce the disputes from setting up the legitimate scope and standard for application of the exception by reviewing these procedural issues and problems under bank guarantee transactions. This paper also suggested practical implications and countermeasures for the institutional application.

키워드

과제정보

This work was supported by the research grant of the Kongju National University in 2020.

참고문헌

  1. Andrle, Pavel(2009), "The 'fraud exception' and the L/C independence principle", DCInsight, Vol 15 No 3, July-September, 3.
  2. Aiken, Lee(2015), "Performance bonds: 'risk-allocation', construction, fraud, and overpayment", Australian Bar Review, 40, 222-245.
  3. Alavi, Hamed(2016), "Comparative Study of Unconscionability Exception to the Principle of Autonomy in Law of Letter of Credit", Juridica, Vol. 12, No. 2, 99, 100.
  4. Blackburn, David and Leah Hecht(2014), "Are Bank Guarantees Really Unconditional?", Focus Paper, Addisons, 11 August, 2.
  5. Bertrams, Roeland(2004), Bank Guarantee in International Trade, ICC Publishing S.A., 55.
  6. Browne, Jeffrey J.,(1999), "The fraud exception to the standby letter of credit in Australia - does it embrace statutory unconscionability?", BondLawRw 5, 11(1).
  7. Barnes, J.(2010), "The L/C fraud/abuse exception, DCInsight", Vol 16 No 4, October - December, 10.
  8. Byrne, James E., Christopher S. Byrnes and Justin B. Berger(2016), 2016 Annual Review of International Banking Law & Practice, Institute of International Banking Law & Practice, Inc., 432, 433, 434.
  9. Chae, Jin-Ik (2013), "A Study on the Relative Bank's Judgement and the Remedy against the Fraudulent Demand under a Letter of Credit System", Korea International Commercial Review, 28(1), 7-10.
  10. Chae, Jin-Ik (2014), "A Case Study on the Demand for Payment under a Independent Counter Guarantee", Korea Trade Review, 36(1), 419-424.
  11. Chae, Jin-Ik (2017), "A Case Study on a Guarantor's Fraudulent Counter-Guarantee Demand and Major Issues under Counter Guarantees", Korea International Commercial Review, 32(4), 304.
  12. Chae, Jin-Ik (2018), "A Study on the Issues and Implications for Application of Fraud Exception in Bank Guarantee Transactions", Korea Trade Review, 15(1), 224, 238.
  13. Chae, Jin-Ik (2019), "A Study on the Issues and Implications for Application of Fraud Exception in Bank Guarantee Transactions" Journal of International Trade & Commerce, Vol. 15 No. 1, 202, 209.
  14. Dixon, Bill(2015), "Bank Guarantees and the Reasonable Expectations of Beneficiaries", Australian Business Law, 43(6), 2.
  15. Dolan, John F.(2012), "Bad faith and unconscionability", DCInsight, Vol 16 No 3, July - September, 7.
  16. Davenport, William B.,(1967), "Unconscionability and the Uniform Commercial Code", 22 U. Miami L. Rev, 121, 124.
  17. Ellinger and Neo(2010), The Law and Practice of Documentary Letter of Credit , Oxford: Hart Publishing, 161
  18. Ellison, Karen B.(2020), "Restraining payment under letters of credits and similar payment instruments: the position under English, Singapore, U.S", Reed Smith Client Alerts, 13 July, 1, 99, 100.
  19. Fong Chow, K. and Chuen Fye Chan, P(2015), "Building and Construction Law", SAL Ann Rev 168 at 7.16
  20. Goldstein, Bernard H.(1982), "Unconscionability: Some Reconsiderations with Particular Refer ence to New-Type Mort gage Transact ions", 17 Real Prop. Prob. & Tr. J. 412, 413.
  21. Goode, Roy(1992), Guide to the ICC Uniform Rules for Demand Guarantees, ICC Publication No. 510, 23.
  22. Goode, Roy(2010), "ICC approves revised rules on demand guarantees", DCInsight, Vol 16 No 1, January-March, 4
  23. Horowitz, C.(1986). Comment "Reviving the Law of Substantive Unconscionability: Applying the implied Covenant of Good Faith and Fair Dealing to Excessively Priced Consumer Credit Contracts". 33 UNCLA L Rev 940.
  24. Hillman, Robert A.(2004), Principles of Contract, 212.
  25. ICC(1997), Opinions of the ICC Banking Commission 1995-1996 (R 241), Paris: Author, 22.
  26. ICC(2002), "Trade Finance Fraud-Understanding the Threats and reducing the risk, Special Report, p. 12.
  27. Kim, Young-Joo(2013), "Development of the Doctrine of Unconscionability under U.S. Case Law", Business Law Review, 27(2), 87.
  28. Knapp, Charles L. & Nathan M. Crystal(1993), Problems in Contract Law 660 (3rd ed. 1993)
  29. Leff, A. A.(1967), Unconscionability and the Code-The Emperors New Clause. 115 U PA L Rev, 485.
  30. Ly, De(1999), "The UN Concention on Independent Guarantee and Standby Letter of Credit"(Fall 1999), 33 International Lawyer, 831, 832.
  31. Fung, K. T. (2011), "Chinese courts and negotiation in good gaith", DCInsight, 17(3), October-December, 18.
  32. Price, D.(1981), "The conscience of Judge and Jury: Statutory Unconscionability as a Mixed Question of Fact and Law". 54 Temp L Q, 743, 746.
  33. Pealer, Casius(2006), "The Use of Standby Letters of Credit in Public and Affordable Housing Projects", Journal of Affordable Housing, 15, 238, 291.
  34. Rodrigo, Thanuja "Unconscionable Demands under on-Demand Guarantees: A Case of Wrongful Exploitation" (2012) 33 Adelaide Law Review, 481, 494.
  35. Sindberg, K.(2012), "Guarantee versus standby letter of credits", DCInsight, 18(1), January - March, 9.
  36. Teeven, Kevin M.(1990), A History of the Anglo-American Common Law of Contract, 314.
  37. Valo, Michael(2020), "Beyound Fraud: Rethingking the Autonomy of Letter of Credit in Canada", The International Construction Law Review, Markus Rotterdam, 79, 83, 85.
  38. Alternative Power Solution Ltd v Central Electricity Board [2014] UKPC 31 per Lord Clarke giving the advice of the Judicial Committee.
  39. Bocotra Construction Pte Ltd v. Attorney General[1995]2 SLR 733.
  40. BS Mount Sophia Pte v. Joint-Aim Pte Ltd.[2012]SGGA 28
  41. BS Mount Sophia Pte v Joint-Aim Pte Ltd[2012]3 SLR 352
  42. Clough Eng'g Ltd. v. Oil & Natural Gas Corp. FCAFC 136 (2008).
  43. Cerasola TLS AG v Thiess Pty Ltd & John Holland [2011] QSC 115.
  44. CKR Contract Services Pte Ltd v Asplenium Land Pte Ltd 2015] 3 SLR 1041 (CA)
  45. Dauphin Offshore Engineering & Trading Pte Ltd. v. Private Office 1 SLR 657 (2000).
  46. Dauphin Offshore Engineering & Trading Pte Ltd v The Private Office of HRH Sheikh Sultan bin Khalifa bin Zayed Al Nahyan (2000)1 SLR(R) 117.
  47. Earl of Ardglass v. Muschamp [1684] 1 Vern. 237.
  48. Editors Note on "Unconscionability: an attempt at definition" (1969-1970). 31 U Pitt L Rev 333.2 UCC Article 2-302.
  49. GHL Pte Ltd. v Unitrack Building Construction Pte Ltd[1999]3 SLR(R) 44("GHL").
  50. Hollingworth J in Otter Group Pty Ltd v Wylaars and Anor [2013] VSC 98 at [16].
  51. JK Integrated (Pte Ltd) v. 50 Robinson Pte Ltd. 2015 SGHC 57 (March 4, 2015)
  52. JBE Properties Pte v. Common Pte Ltd [2011]2 SLR 47 (GA)
  53. Mannesman Handel AG v. Kaunlaran Shipping Corp. 1 Lloyd's Rep. 89. QUEEN'S BENCH (1993).
  54. Marubeni Hong Kong and South China Ltd v Mongolia [2005] 2 Lloyd's Rep 231.
  55. Orrcon Operations Pty Ltd v Capital Steel & Pipe Pty Ltd [2007] FCA 1319 per Besanko J.
  56. Patterson Building Group Pty Ltd v Holroyd City Council [2013] NSWSC 1484
  57. Swan v. North British Australasian Land Co Ltd. 2 H. & C. 175 (1863).
  58. Simic v New South Wales Land and Housing Corporatio.[2016]HCA 47.
  59. Supreme Court Decision 93Da43873 Sentenced December 19. 1994.
  60. Supreme Court Decision 2017Da288757 Sentenced April 4. 2018.
  61. UniCredito Italiano S.p.A. v. Alan Chung Wah Tang 2002 339 HKCU. (2002)
  62. Wiseman v. Beake [1690] 23 Eng. Rep. 688.