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Part III Contract Choice of Law Issues, 10 The Law Applicable to Beneficiary’s Presentation for Payment

From: Letters of Credit: The Law and Practice of Compliance

Ebenezer Adodo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 23 May 2022

Subject(s):
Documentary credits — Applicable law — Letters of credit and damages
10.01 Consideration of the American courts’ approaches to the ascertainment of the governing law of the beneficiary’s claim for payment against documents tendered under a credit may conveniently begin with the choice of law provisions set forth in section 5-116 of Revised Article 5 that deals with letters of credit under the Uniform Commercial Code and is now statutorily operative throughout the country. Section 5-116 (a) and (b) contain the applicable choice of law precepts. They read as follows: Section 5-116 (a), ‘The liability of an issuer, nominated bank...
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