The exceptions to the principle of autonomy of documentary credits

Amaefule, Chumah (2012). The exceptions to the principle of autonomy of documentary credits. University of Birmingham. Ph.D.

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Abstract

This thesis critically appraises the exceptions to the principle of autonomy in documentary credits. In appraising the exceptions, the central theme pursued is to address the question whether the application of the exceptions to the principle of autonomy is satisfactory. In addressing this general question, the study pays special attention to English law on documentary credits. However, the thesis also looks at the comparable position in other common law jurisdictions, such as United States, Canada, Australia, Singapore, and Malaysia.

Recently, in the different jurisdictions, opinion has not been consistent on what constitutes exceptions to the principle of autonomy in letters of credit. Apart from the traditional exception of fraud, recent English decisions to some extent have recognised illegality and express contractual restrictions on a beneficiary’s right to draw on a credit as compelling grounds on which the autonomy doctrine would be ignored. In other jurisdictions, other exceptions such as nullity and unconscionability have emerged. This dissertation assesses all these exceptions to the principle of autonomy with the aim of answering the question whether these exceptions facilitate documentary credits’ practice or as argued in some quarters, undermine the assurance of payment promised the seller/beneficiary.

Type of Work:

Thesis (Doctorates > Ph.D.)

Award Type:

Doctorates > Ph.D.

Supervisor(s):