보증신용장거래에서 발행은행의 서류심사기준과 지급의무상의 문제점과 대응책

As standby letters of credit are used as surety devices in various global business transactions including sale of goods. Most standby letters of credit only require simple documents such as a default certificate made by beneficiary, there are strong possibility to demand payment wrongfully by beneficiary. In case of such a bad faith demand, the important issue for the issuing bank is whether to honor or dishonor its payment obligation against such a demand. The purpose of this article is to analyze the legal basis and the real case for the issuing bank’s right to examine documents in the standby credit transactions. The UN Convention on Independent Guarantees and Standby Letters of Credit and Uniform Commercial Code stipulate that the issuing bank acting in good faith may dishonor against the beneficiary’s wrongful demand for payment. And in such a case the courts of competent jurisdiction have tendecy to enjoin the issuing bank from honoring when the demand has no conceivable basis, there is material fraud in the standby credit transaction, the act of beneficiary causes the default of applicant or the performance of applicant was prohibited by the applicable law.