• 한국중재학회지:중재연구
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• 제16권2호
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• pp.213-238
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• 2006

Deferred payment letter of credit is the L/C that makes the issuing bank to pay a beneficiary at maturity stipulated in the credit. In this deferred payment letter of credit transaction, is it possible that a confirming or nominating bank payor negotiate before maturity? and the confirming or nominating bank have legal protection when paid or negotiated before maturity? These problems are raised in argument. By the way, Korea, Switzerland, Germany, and Italy are positive on the above question, but France, United Kingdom, and Singapore are negative. Therefore, when using deferred payment letter of credit, it is required to keep in mind that the understanding of maturity stipulated in the credit is different among countries, legal principles of each nations, and researchers. And other problems are raised also as follows; the application of Fraud Rule and principle of independence and abstraction as nature of credit, when to pay credit amount to beneficiary, and refusal of payment due to poor quality. Finally, it is required to use deferred payment letter of credit, after full understanding of deferred payment letter of credit pointed out in this paper.

• 한국중재학회지:중재연구
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• 제21권2호
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• pp.133-156
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• 2011

This paper is to analyze the legality in which the fraud rule allow the issuer of L/C or a court to disrupt the payment to the beneficiary under the deferred payment credit when the nominated bank for deferred payment undertaking made prepayment or negotiation before the maturity date and fraud is identified to be involved. Since the function of commercial L/C is to provide absolute assurance of payment to a beneficiary, the fraud rule based on fraud exception has been known as the negative factor which lead to the disruption of "principle of independence & abstraction" under the commercial L/C transactions. As a result, the fraud rule is necessary to limit the activities of fraudsters, but its scope must be carefully circumscribed so as not to deny commercial utility to an instrument that exists to serve as an assurance of payment. But the fraud itself has not been firmly established because it is inherently pliable in its concept. There are numerous contents to describe the application of fraud to the L/C transactions as a standard such as egregious fraud, intentional fraud, L/C fraud(omitted here), flexible fraud, and constructive fraud. And so the standard applicable to the commercial transaction as the fraud rule would be high or low depending upon the various standards of fraud.

• 한국중재학회지:중재연구
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• 제22권3호
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• pp.119-139
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• 2012

In the case of Banque Paribas V. Banco Santander in England for the reimbursement request of deferred payment credit by the nominated bank, the L/C-issuing bank refused to pay the proceeds at maturity because of a fraudulent transaction. The reason of refusal was that the nominated bank, Banco Santander, had no right of payment in deferred credit before its maturity if it made payment of proceeds without notice to the issuing bank, that is, payment not based upon a credit transaction but on its own account. However, in the case of ADIB V. Fortis Bank in America, the New York court made the decision that the deferred payment bank could not refuse to reimburse to the nominated bank, Fortis Bank, because of fraud. Its decision was based on the UCP600. We have analyzed and investigated the above two cases-one was an English court's decision and the other an American's. The English court's decision was made under UCP500, but the American court's was made under UCP600, which was revised in 2007. As a result, we can expect that from now on in deferred payment credit transactions, the power of the nominated bank will be greater than before, but the issuing bank will bear the risk of the beneficiary's fraud, so the issuing bank will be hesitant to issue deferred payment credit. Notwithstanding, we thought that the New York court decision would come into effect in the activation of deferred payment credit in practical trade transactions.

• 한국초지학회:학술대회논문집
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• 한국초지조사료학회 1998년도 심포지움
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• pp.9-21
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• 1998

IMF(국제통화기금)체제 하에서는 우리나라 경제의 모든 분야가 정도의 차이는 있으나 어려움을 겪고 있다. 외환부족과 환율상승으로 빚어진 금융위기가 UR 협상의 파고보다 더 거칠게 산업전반에 영향이 미치고 있으며, IMF협정(1997. 12. 3)이후인 지난해 12월에는 외환사정으로 한때 국내 사료업체들이 원료수입을 위한 연지급 수입신용장(Usance L/C)을 개설하지 못하여 사료원료 수입이 전면 중단되고, 환율상승으로 사료가격이 이미 36%나 인상된 바 있다.(중략)

• 통상정보연구
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• 제14권4호
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• pp.433-456
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• 2012

확인은행은 수익자가 신용장조건과 일치하는 제시를 하면 수익자에게 대금지급을 확약한다. 그러나 신용장 사기가 명백한 경우 확인은행은 개설은행과 마찬가지로 대금을 지급할 의무를 지지 않는다. 즉 확인은행이 서류 위조에 대한 위험까지 부담하는 것은 아니다. 확인은행이 발견하지 못한 하자를 개설은행이 발견한 경우 확인은행이 수익자 또는 지정은행에 소구권을 행사할 수 없다. 왜냐하면 UCP600에서 서류 접수 후 5은행영업일이 경과하면 개설은행 또는 확인은행은 서류 하자를 이유로 대금지급을 거절할 수 없기 때문이다. 확인은행이 수익자의 하자 있는 서류의 용인을 개설은행에 요구하여, 개설은행이 이것을 용인하였다 하더라도 확인은행은 확인에 따른 책임을 지지 않는다. 기한부 매입신용장에서 확인은행이 지정은행인 경우 수익자가 신용장조건과 일치하는 서류를 제시하면 확인은행은 즉시 신용장 대금을 지급하여야 한다. 따라서 확인은행이 즉시 대금을 지급할 의사가 없다면 기한부신용장에서 연지급 또는 인수신용장을 이용하여야 한다. 수익자 입장에서 신용장 확인을 받더라도 서류 일치성 여부에 대한 분쟁이 발생할 수 있으므로 대금회수가 100% 보장되는 것은 아니다. 신용장 확인보다는 상환은행의 상환확약이 더 안전하다.

• 통상정보연구
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• 제11권3호
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• pp.287-309
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• 2009

There were many changes regarding Negotiation of document under UCP 600. First of all, the definition of Negotiation was changed. The UCP 500 stated "Negotiation means the giving of value for drafts and documents by the bank authorized to negotiation", but the UCP 600 defines "negotiation" as following "negotiation means the purchase by the nominated bank of drafts and/or documents under a complying presentation". Under the UCP 600 the meaning of negotiation was more clear than UCP 500. Second UCP 600 permits all deferred payment credits be discountable or negotiable. This amended rule equated the deferred payment credit with banker's acceptance credit which was contrary with the nature and the practice of former deferred payment credit transaction. Third, UCP 600 has also provided for reimbursement rights for nominated banks and a conceptual basis for protecting nominated banks against beneficiary fraud. In this paper, the problems regarding negotiation of document under UCP600 was studied and the solutions for the problems occurring in appling UCP 600 in practical field was provided.