Research On Civil Remedies On Letter Of Credit Fraud

As a tool for international trade transactions,a letter of credit is a type of bank credit that replaces commercial credit.With the continuous enhancement and development of trade on a global scale,the letter of credit business has expanded rapidly and has become more widely used.However,with it,the fraud of the related letter of credit has become increasingly serious.Paying attention to such legal issues and providing them with relevant and effective legal remedies and precautions,and gradually solving related problems in the legal and practical sectors,has become an urgent task.Judging from the judicial practice,this provision still needs to be further explained and improved.This paper will study the method of fraudulent fraud and the civil remedy system through the method of comparative law and case analysis.Most countries in the world recognize the principle of the independence of letters of credit.However,the subsequent problems of fraud in letters of credit have also plagued the handling of letters of credit.For this reason,the rules of fraud of letters of credit are recognized as an exception to the independence of letters of credit.However,why constitute”letter fraud" has been widely controversial in practice.This article will fully discuss the issues related to this,and put forward relevant suggestions,in order to expect to contribute to China's relevant systems.Based on the concept and principle of the letter of credit,this paper mainly focuses on the principle and precedents of the laws of the United States and absorbs the rationality.In conjunction with the Supreme People's Court's guiding precedents,this article refers to the Chinese and foreign legal communities.Based on the scholar's relevant suggestions,various suggestions on legal relief and prevention were put forward.The main body of this paper consists of the following parts:the first part defines the concept and legal nature of the letter of credit,elaborates the main legal relations related to the letter of credit,and focuses on the principle of the independence of the letter of credit;the second part explains the the concept and classification of letter of credit fraud,discusses the reasons for the fraud of the letter of credit,distinguishes between the letter of credit fraud and the credit fraud,and introduces the standards for the identification of the letter of credit fraud in our country's practice;the third part is about the letter of credit,the meaning of fraud and the way of remedy are discussed,and the relevant rules in the United States law are used for reference;the fourth part proposes the Chinese legal rules on civil remedies for the fraud of letters of credit;the fifth part,conclusion.