February 2017

  • Standby Letters of Credit and the Fraud Exception
    In two appeals on the validity of demands under standby letters of credit (SBLCs) and the application of the fraud exception, the Court of Appeal has ruled in each case that:    the beneficiaries were entitled to demand payment under the SBLCs; they had not acted fraudulently in issuing the demands; and there was no basis for restraining the relevant banks from paying against the demands...