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KMID : 0368019910140010081
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Journal of Soonchunhyang University
1991 Volume.14 No. 1 p.81 ~ p.95
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A study on the principles of documontary credit transactions
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Abstract
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The purpose of this study is to analyze the nature of letter of credit in the practical and legal aspect, and to explore the problems arising from using letter of credit in the international transactions.
For this aim, the applicable laws of the letter of credit in the custom of main countries, and also legal theories be analyzed and examined, in comparison with each law. Accordingly, the study on the customs and laws of letter of credit will show the legal status, rights, and obligations of every party in the transation with letter of credit.
This dissertation consistes of five parts involving introduction and conclusion. The contents are as follows: first part is introduction of this disser??ation, second part the autonomy of the credit, third part the doctrine of strict performance, fourth part the transaction with documents, fifth part the conclusion.
After I studied the credit transation is the performance to pay to the setter by opening bank, therefore, in this study the formation and termination of obligation to pay studied prior to define the principle of performance to pay. Also the major obligor´s right and responsibility will be investigated and also disputes in relation to payment will vbe specified theoretically.
As the validity of credit will commen??e after when letter of credit opened and advised to the beneficiary, the formation of obligation will effect at the same time.
The termination of credit will be closed respectively after when the credit paid by opening or norminating bank. Incase of nominating bank negotiate the documents tendered by beneficiary, the credit will not be expired when the reimbursement be executed by opening bank.
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