부산대학교 도서관

ppraises the 2007 revision of the Uniform Customs and Practice for Documentary Credits (UCP), made in response to the judgment in Banco Santander SA v Bayfern Ltd on whether a commissioning bank which had paid out early under a forged letter of credit: (1) had taken an assignment of rights under the letter and therefore took no better right to payment from the issuing bank than the forger assignor; and (2) bore the risk of having paid out early. Explains its practical impact and the subsequent revision of the UCP. Reviews commentary on the revision. Argues that the revisions fail to address the issue of an assignee's rights.