A Comparative Analysis Of The Standard Of Fraud Required Under The Fraud Rule In Letter Of Credit Law
- Topics:
- Case Management
- Tags:
- Analysis,
- Business Operations,
- Fraud,
- Litigation
- Source:
- Gao Xiang and Ross P. Buckley
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Overview: This article explores the kind of fraud required to invoke the fraud rule or, in other words, what does fraud mean under the fraud rule in the law governing letters of credit? This is a challenging question because fraud is an "inherently pliable concept." Some argue that the fraud rule must be applied in a strict fashion or in cases where only egregious fraud is involved. These commentators emphasize that the letter of credit is a unique commercial device that must be protected from simple contract disputes, which are often difficult to distinguish from certain fraud claims. Others favor a more flexible approach to the concept. It also investigates how this question has been answered in the United States, United Kingdom, Canada, and Australia, and under the United Nations Convention on Independent Guarantees and Standby Letters of Credit (the UNCITRAL Convention).
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Format: HTML | Date: Jan 2003 | Pages: 1
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