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Beyond The American Accord: making the way for illegality in letters of credit

Antoniou, AM (2015) 'Beyond The American Accord: making the way for illegality in letters of credit.' Journal of International Banking Law and Regulation, 30 (4). pp. 189-199. ISSN 0267-937X

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Abstract

This article addresses the illegality exception in commercial letters of credit. It examines the UK court decisions that have thus far developed the exception and critically analyses the requirements needed to establish it. It discusses policy considerations for recognising the exception and the effect of its recognition on international trade in general. It argues that flexibility in the autonomy principle is necessary to maintain letters of credit as the lifeblood of international commerce and that for the exception to have any real effect it must not be overly restrictive.

Item Type: Article
Uncontrolled Keywords: Bank payment obligations; Illegal contracts; International trade; Letters of credit; Nullity
Subjects: H Social Sciences > HG Finance
K Law > K Law (General)
Divisions: Faculty of Humanities
Faculty of Humanities > Law, School of
SWORD Depositor: Elements
Depositing User: Elements
Date Deposited: 16 Jun 2015 13:30
Last Modified: 06 Jan 2022 13:25
URI: http://repository.essex.ac.uk/id/eprint/13946

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