Drawing on the China case, Luoyang Aviation, Saibo Jin examines the relationship between the transferred credit and the original credit.
Banks that handle collections must not neglect the product and have proper controls in place to deal with the risks.
In the latest installment of his article series on originality of paper and electronic documents, Pavel Andrle addresses practical use of the current ICC rules and matters he believes need clarified to better facilitate use of electronic records in trade finance.
Drawing on the China case, Luoyang Aviation, Saibo Jin examines the relationship between the transferred credit and the original credit.
In a past Chinese case concerning a transferable credit,[[1]] the Intermediate People's Court of Jingdezhen raised the question of whether the UCP credit in dispute was a transferred credit or a re-issued credit. Indeed, under Chinese legal terminology, a 're-issued credit' refers to an issuing bank’s issuance of a new, separate credit. In contrast, a 'transferable credit' involves transferring part of the original credit according to UCP600 Article 38. Therefore, from the perspective of this rule, the term 'transferable credit' is more accurate.
Banks that handle collections must not neglect the product and have proper controls in place to deal with the risks.
In the latest installment of his article series on originality of paper and electronic documents, Pavel Andrle addresses practical use of the current ICC rules and matters he believes need clarified to better facilitate use of electronic records in trade finance.
The Maritime Code of the People's Republic of China was revised and adopted by the 18th Session of
Misrepresentation of how letters of credit are used has sadly plagued the industry for decades. We are all too familiar
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