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Standby letters of credit: fraud exception inapplicable as beneficiary held honest belief that amounts due and owing (High Court)
Practical Law UK Legal Update Case Report w-004-9748 (Approx. 5 pages)
Standby letters of credit: fraud exception inapplicable as beneficiary held honest belief that amounts due and owing (High Court)
In National Infrastructure Development Co Ltd v Banco Santander SA [2016] EWHC 2990 (Comm) (9 November 2016) the High Court considered whether the fraud exception applied to demands under standby letters of credit. The High Court's decision was upheld by the Court of Appeal, see Legal update: case report, Bank must pay demand that meets the requirements of standby letter of credit unless it would involve fraud (Court of Appeal)).
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Resource ID w-004-9748© 2024 Thomson Reuters. All rights reserved.
Published on 14-Dec-2016
Resource Type Legal update: case report
Jurisdictions
Related Content- England
- Wales