1 / 11

The Four Stages of Electrification of Letters of Credit

The Four Stages of Electrification of Letters of Credit. Professor James E. Byrne Institute of Letter of Credit Law & Practice. The Dot.Com Era Approach. You must allow electrification. Since 1860s. Issuance Processing Payment. Amenable. 4 Stages in LC Electrification. Legalization

calix
Download Presentation

The Four Stages of Electrification of Letters of Credit

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Four Stages of Electrification of Letters of Credit Professor James E. Byrne Institute of Letter of Credit Law & Practice

  2. The Dot.Com Era Approach You must allow electrification.

  3. Since 1860s • Issuance • Processing • Payment Amenable

  4. 4 Stages in LC Electrification • Legalization • Systemization • Acceptance • Transformation

  5. US UCC §1-201 • “Writing”: Intentional reduction to tangible form • “Signed”: Any symbol executed or adopted with present intent to authenticate

  6. US UCC §5-106(2)(a) (1952) A telegram may be a sufficient signed writing if it identifies its sender by an authorized authentication which may be in code.

  7. Superficial Electification • Issuance: UCP400 Articles 11 & 20 • Processing: Via Telefax • Payment: Funds Transfer

  8. A Right to Electrification of LCs? • Legalization • Systemization • Acceptance • Transformation Presentation of Documents

  9. ISP98 Rule 3.06 Unless prohibited, electronic presentation permitted if i) only a demand ii) by a beneficiary with access to authenticable systems

  10. 4 Stages in LC Electrification • Legalization • Systemization • Acceptance • Transformation

  11. Transformation • Standardization of Standbys & Demand Guarantees • Oil Fluctuation Clauses • Verification of Vessel Dockings

More Related