신용장양도에 있어서 신용장통일규칙의 적용과 그 문제점에 관한 연구

Problems on Application of UCP to the Transfer of Letters of Credit

  Originally the Letter of Credit has no transferability because it is not a negotiable instrument like a bill of exchange. The main purpose of the transferable credit is to enable the seller(first beneficiary) to finance the supply transaction by making the buyer"s credit available to the supplier(second beneficiary) through transferring the credit. The transfer of credit is intended to deal with the general treatment of the transferable credit in the UCP. The rules of the UCP applying to the transferable credit are contained in Article 48.   The purpose of this study is to examine the provisions of the UCP and to suggest reasonable interpretation and application of the UCP. The UCP stipulates for the manner of transfer of credit, the obligation of the transferring bank and the rights of the first and second beneficiary. From the result of this study there are some problems on application of the UCP to the transfer of credit. As the revision of the UCP is in progress nowadays, it is expected to improve the provisions suitable to reasonable practice of transfer.