Autonomy in Documentary Credits: Time for a Nullity Exception?

Saidova, Sanam

Abstract

This article analyses whether English law should recognise a nullity exception to the autonomy principle in documentary credits. It assesses policies in favour of and against this exception and proposes and constructs the nullity exception based on the optimum balance between them. The article advocates the exception based on the objectively determinable criteria conducive to a precise legal analysis, certainty and speedy decision-making. The focus of the proposed test is on whether objectively a problem in a document renders it null and void or, in other words, destroys its essence or whole. The proposed exception is applicable where banks have clear knowledge of the nullity, imposing no duty on them to investigate facts/matters outside the documents.

Citation

Saidova, S. (2020). Autonomy in Documentary Credits: Time for a Nullity Exception?. Lloyd's Maritime and Commercial Law Quarterly, 2020(Part 4), 603-625

• Journal Article Type: Article
• Acceptance Date: Jul 8, 2020
• Online Publication Date: Nov 2, 2020
• Publication Date: Nov 2, 2020
• Deposit Date: Aug 18, 2020
• Publicly Available Date: Nov 3, 2022
• Journal: Lloyd's Maritime and Commercial Law Quarterly
• Print ISSN: 0306-2945
• Electronic ISSN: 2329-8472
• Publisher: Informa Business Intelligence
• Peer Reviewed: Peer Reviewed
• Volume: 2020
• Issue: Part 4
• Pages: 603-625
• Public URL: https://nottingham-repository.worktribe.com/output/4841403
• Publisher URL: https://www.i-law.com/ilaw/doc/view.htm?id=413495