DCW maintains a list of recently-decided court cases involving commercial letters of credit, demand guarantees, and other trade finance instruments.
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To support its purchase of 2,000MT of Lube Base Oil (the Cargo) from IRPC Public Co. Ltd. (Seller), GP Global APAC Pte Ltd. (Buyer/Applicant) applied for and caused Banque Cantonale de Genève (Issuer) to issue an irrevocable LC in favor of Seller/Beneficiary.[[1]] As Buyer/Applicant intended to on-sell the Cargo to Standard Asiatic Oil Co. Ltd. (Second Buyer),[[2]] Issuer contemplated a “self-liquidating” transaction.[[3]] The Cargo was laden onboard the “Jeil Crystal” (the Vessel) in Thailand to be shipped to Bangladesh; Buyer/Applicant chartered the Vessel from Jeil International Co. Ltd. (Vessel Owner) for a single voyage.
Letter of credit cases can reveal a great deal about how the industry's practice rules and standards are viewed and interpreted by the courts.
Disputes over Independent Guarantee Fraud, Independent Guarantee Payment, and Improper Dishonor
Beneficiary Bayport Polymers appealed temporary injunction restraining presentation of LC documents.
Issuer First Service Bank moved to dismiss wrongful dishonor complaint brought by World Fuel Services.
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