Piercing the Autonomy in Payment Undertakings: Fraud and Others?

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Abstract

This article reviews and challenges the position taken in the current English law in documentary payment undertakings that autonomy stands as a cardinal rule and fraud as the only exception. While admitting that the autonomy principle which secures a smooth, speedy and dependable documentary payment remains the backbone of the international financing system, it submits that it would adversely affect the integrity of law in a broader sense if such justifiable grounds of exception as illegality, nullity and unconscionability are entirely disregarded. It is necessarily beneficial to the international trade and the instrumental payment system as a whole if a principled and incremental approach would be adopted by courts when weighing the strength of justification for each individual new ground, rather than shutting a blind eye to their potential merits.
Original languageEnglish
JournalJournal of Accounting and Finance
Volume20
Issue number8
DOIs
Publication statusPublished - 30 Dec 2020

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