Title: Bank's post-notice obligations in the documentary credits under UCP600

Authors: Jingbo Zhang

Addresses: Law School, University of Southampton, Southampton, SO17 1BJ, UK

Abstract: This paper aims to systematically analyse the bank's post-notice obligations in a documentary credit under the framework of UCP600. The paper not only reviews the recent developments in the English court - Fortis Bank & Stemcor v Indian Overseas Bank ([2010] EWHC 84 (Comm); [2011] EWCA Civ 58; [2011] EWHC (Comm) 538), but also examines the methods adopted by the courts to interpret the UCP provisions. Meanwhile, in relation to this case, other useful methods which may effectively explain the bank's obligations are also referred to in this paper. In addition, the paper addresses other important issues concerning the bank's post-notice obligations which are partly ignored by the UCP and the case law, such as the condition of the returned documents. Moreover, some feasible suggestions are put forward in this paper relating to each aspect of the bank's obligations, so as to achieve the purpose of supplementing this incomplete area under UCP600 as well as directing the market practitioners.

Keywords: international law; trade law; UCP600; UCP 600; Uniform Customs and Practice; Documentary Credits; letters of credit; ICC; International Chamber of Commerce; banks; banking; notice of refusal; bank obligations; post-notice obligations; Fortis Bank; Stemcor UK; Indian Overseas Bank; India; Belgium; United Kingdom; case law; law reports; private law.

DOI: 10.1504/IJPL.2013.053014

International Journal of Private Law, 2013 Vol.6 No.2, pp.193 - 205

Published online: 29 Nov 2013 *

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