Research On The Choice Of Law On Letters Of Credit

In recent years, the letter of credit has been widely used in the international commercial communication. Since the statutes and cases on letters of credit in the countries are quite different from each other, law conflicts come into being inevitably, which lead to the problem of the choice of law on letters of credit. China is one of the a few countries who has established explicit rules on the choice of law on letters of credit, while the rules are not perfect. As a result, we should do some research on the letter of credit as well as the law conflicts in the field, and use the international legislative and judiciary practice as reference to improve the rules on the choice of law on letters of credit in our country.The dissertation consists of 4 chapters in addition to the preface and epilogue. Chapter 1 makes a general introduction of the definition, characters and the basic legal relationships of the letter of credit, and indicates the necessity to research on the choice of law on letters of credit.Chapter 2 set forth the basic principles of the choice of law on letters of credit. Since the letter of credit is a kind of contract, the principles of the choice of law on contracts should be applied here, which include the party autonomy principle and the principle of the most significant relationship.Chapter 3 analyzes the international legislative and judiciary practice of the choice of law on letters of credit. Subchapter 1 introduces the rules in the United Nations Convention on Independent Guarantees and Stand-by Letters of Credit and the united commercial code of America. Subchapter 2 analyzes the judiciary practice, and summarizes the general methods of the choice of law on letters of credit. Chapter 4 points out the problems in the rules on the choice of law on letters of credit in China, and makes some suggestions to the improvement of the rules.