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The letter of credit cheat exception principle is to the letter of credit fraudulent practice legal relief. In the UK-US legal system, the US takes the lead this principle written law, provides good for other national establishment perfect freight bill letter of credit system has profited from the pattern; The British court in the letter of credit cheating case tried in recent years, was clear about the bank status one of for cheat exception clause suitable consideration factors, also in reality has swept clean certain barrier suitably for this principle. The letter of credit cheat exception principle is to the letter of credit independent principle supplement, but itself has the conflict with the independent principle. Carries on through right “the substantive cheat” defines and determined that this principle the premise is suitable the condition, can cause these two principles to obtain balanced in the letter of credit mechanism.
Letter of credit's cheating an exception principle is the law succour which cheat behavior to the letter of credit.Fasten in the British and American method, the United States lead off will should the principle written laws turn, is other nation establishment sound heel list the letter of credit system provided to goodly draw lessons from mode;Law court in England is in the letter of credit deceive the case take up in recent years is explicit the position of bank in order to cheat one of the consideration that the escape clause apply, also for should the principle is in the fulfillment of apply clean sweep certain of obstacle.The letter of credit cheat an exception principle to the complement of the letter of credit independence principle, is but it again with independence principle creation conflict.Pass a rightness "the materiality cheat" to carry on definition and assurance should principle of the premise apply a condition, can make this two principle acquire in the letter of credit mechanism balance
Letters of credit fraud exception to the principle of letters of credit fraud legal relief. In common law, the United States take the lead in the principle of statutory law, for other countries to establish a sound system with the single letter of credit provided a good model from the British courts in recent years in the case of letters of credit fraud, bank fraud exception to a clear position Terms of the applicable one of the factors to consider, in practice the principle of the application has removed some obstacles. Letters of credit fraud exception to the principle of independence of the principle of additional letters of credit, but also with its own principle of the independence conflict. Through the "substantial fraud" to define and determine the application of the principle of conditions, can make these two principles in the letter of credit mechanism was in the balance.
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