A Research On Standby Letters Of Credit Fraud Exception To The Principle Of The Law Applicable

In international commercial transactions, the parties for the achievement of debt obligations, reducing transaction costs and avoids risks and to facilitate access to finance and many other considerations, international payments and other financial products and services become more comprehensive and diversified. Standby Letters of Credit (Standby Letter of Credit) the set of security, payment, financing and related services in one of the functions of more financial instruments, which use a much wider and more flexible operation, which in international commercial transactions to be widely used. However, due to standby letters of credit with the principle of the independence of the abstract behavior also makes it easier to implement fraud. Faced with a growing number of frauds, the majority of countries the legal and judicial practice the principles of the provisions of the fraud exception, which allows the court to issue stop orders to prohibit the issuing bank to pay the beneficiary. However, if the random expansion of the extension of fraud, the normal function of standby letters of credit will be seriously detract from play will also be a departure from the original intention of setting up the system. So put the independence of standby letters of credit fraud exception to the principle of the principles and the location is of great theoretical and practical significance. In this paper, the use of the law hermeneutics, comparative law and empirical research methods standby letters of credit from the origin, the definition of standby, the standby definition of fraud, back-up card fraud exception to the principle of legal practice and foreign-related legislation in China and improving the status quo such as start, standby letters of credit fraud exception to the principle described with a view to standby letters of credit to China's legislation and practice to make some constructive suggestions.The research of the standby L/C is very young. The author's purpose to write this thesis is to issue some views to applying to the fraud exception of standby L/C, and some good advises, in order to make the law of Standby L/C better . In this paper, some cases and legal practices in other countries have been involved.The main body of this thesis includes 4 chapters with about 22,000 words. The first part of the exception for standby letters of credit fraud, an overview of the main introduction of the origin of the standby credit, definitions, characteristics and nature, an analysis of the legal characteristics of standby letters of credit, in particular the introduction of foreign law of the country on standby letters of credit fraud the definition and practice, analysis of standby letters of credit had been born out of the reasons for fraud. The second part is the standby letters of credit fraud exception to legal analysis, back-up card fraud exception to the principle of the basic theory that is based on the Civil Code on the "principle of good faith" and "fraud of all null and void" and to retain based on the principles of public order arising from system; on the standby letters of credit and letters of credit fraud exception to the relationship between the independent abstract, that is, the two are complementary rather than mutually exclusive and the erosion of the relationship between the fraud exception to the principle of it is not an abstract principle of independence of negative and erosion, it is the principle of independence and the maintenance of the system of standby letters of credit. The third part is the USA, Britain and the relevant international conventions on the standby letters of credit fraud exception to legal practice, and their successful experience. And how to improve our country standby letters of credit fraud legislation in a number of suggestions: I hope that can set up letters of credit associated with the special law to attract international practices related to the relevant legislation to make our country a more scientific and comprehensive.