Letters of Credit: Model for the Illegality Exception and for the UCP to Address Exceptions to the Principle of Autonomy

Research output: Contribution to journalArticlepeer-review

15 Downloads (Pure)

Abstract

This article analyses when illegality is considered as an exception to the principle of
autonomy in documentary letters of credit. It develops a model for illegality exception under English law based on doctrinal study, policy reasons, identified pragmatic problems and expectations of the international business community. The second part of this article argues that it is time for the UCP to nudge national laws toward appropriate outcomes for fraud and illegality exceptions and develops a model based on Cognitive Dissonance Theory, Rational Choice Theory and Nudge Theory.
Original languageEnglish
Pages (from-to)26-42
Number of pages17
JournalJournal of Banking and Finance Law and Practice
Volume32
Publication statusPublished - 2021

Fingerprint

Dive into the research topics of 'Letters of Credit: Model for the Illegality Exception and for the UCP to Address Exceptions to the Principle of Autonomy'. Together they form a unique fingerprint.

Cite this