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Part II Proper Performance under the Operative Credit, 5 Presentee Bank’s Document Examination Duties

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):
Letters of credit and damages — Documentary credits
5.01 A bank to which a set of documents are presented for honour or negotiation under a letter of credit will typically examine them or set the checking process in motion to determine their regularity on the banking day following the day of presentation. During the short interval between its receipt of the presentation and the commencement of examination of the documents, a variety of factors often come into consideration; and tend to vary according to whether the presentee bank is an issuer, an obligated nominated bank,1 or a non-obligated nominated bank.2 The...
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