TY - JOUR
T1 - Bank security in letters of credit
T2 - mere pledgee or something more?
AU - Antoniou, Anna Mari
PY - 2021/8/20
Y1 - 2021/8/20
N2 - Banks acquire security rights under letters of credit through two methods, as pledgees of shipping documents and as lawful holders of bills of lading under The Carriage of Goods by Sea Act 1992. This article seeks clarity in what exact rights these methods transfer, how they operate together and argues that the most secure position for a bank is to be a lawful holder. As such, this article proposes a two-tier system for the transfer methods, with the Act as the primary method and the pledge as the secondary provision.
AB - Banks acquire security rights under letters of credit through two methods, as pledgees of shipping documents and as lawful holders of bills of lading under The Carriage of Goods by Sea Act 1992. This article seeks clarity in what exact rights these methods transfer, how they operate together and argues that the most secure position for a bank is to be a lawful holder. As such, this article proposes a two-tier system for the transfer methods, with the Act as the primary method and the pledge as the secondary provision.
UR - https://www.sweetandmaxwell.co.uk/Product/Banking-and-Financial-Services/Journal-of-International-Banking-Law-and-Regulation/Journal/30791387
M3 - Article
SN - 1742-6812
VL - 36
JO - Journal of International Banking Law and Regulation
JF - Journal of International Banking Law and Regulation
IS - 9
ER -