Chang Soon Thomas Song, Esq. is Senior Advisor / Attorney at Law in the Trade Services Department of KEB Hana Bank, Seoul, Korea. He can be reached by email at: changsoonthomas@gmail.com
In the past, the answer would be no. Chang-Soon Thomas Song, Attorney at KEB Hana Bank, explains what changed and one case where a remitter was able to recover from the beneficiary’s bank.
Korean Supreme Court dismisses Instructing Bank's appeal in URDG458 case [2021]. Extend or Pay request ruled invalid; Counter Indemnitor not obliged to pay. Learn more about the construction dispute.
In McNeil & NRM Inc. v. SA Bank Audi France, the court ruled on a dispute over an advance payment guarantee. The case highlights the importance of precise guarantee wording and adherence to standard practices in international transactions.
