The Investigation of Assignment of Proceeds in Letters of Credit (UCP500, UCP600, ISP98, URDG758, UCC) and The United Nations Convention on Independent Guarantees and Standby Letter of Credits

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Abstract

One of the questions that has been ignored in Letter of Credit is a problem of assignment of proceeds in Letter of Credit that has been discussed generally below the transfer of LC subject, but has differed with it. So in this Article, the author has tried to use the words assignment and transfer exactly in their place to clear the existent differences. At first, the writer’s hypothesis was that, they are the same but after conducting more research, this hypothesis has been rejected. The method of research is descriptive and has been gathered in library way. The structure of subjects is that at first, terminological place used in this research is defined exactly, then reasons, processes, ways, conditions, advantages and disadvantages of assignment are studied and after that the assignment of proceeds is examined in existing bank provisions, i.e. UCP500, UCP600, UCC, ISP98, URDG and United Nations Convention on Independent Guarantees and Stand-by Letters of Credit and Finally a comparison is made between them. This research will be useful for those demanding the assignment of proceeds including producers, exporters, bankers and students of this field.

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International Law Review
Volume 30, Issue 48
January 2013
Pages 151-182

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History

  • Receive Date: 05 January 2016
  • Accept Date: 05 January 2016

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