신용장의 예외적 사기와 사기대응에 관한 연구 - UCC§5-114(2)와 UCC§5 -109를 중심으로

A Study on Fraud Countermeasure and Fraud Exception under the L/C Transaction - Focused on UCC§5-114(2) and UCC§5-109 -

&nbsp;&nbsp;Letter of Credit transaction should be cleared by the principle of the trust and integrity and vile partners sometimes make a fraud on the L/C by the misinterpretation of the documents. As there is no rule but no exception, exception from application of these principles is allowed. The fraud exception rule constitutes contracting out an application of basic principles, this rule should apply restrictively and in many authorities a court does not apply this rule to nominated bank, confirming bank, and bona fide holder of draft even if fraud is involved in L/C transactions. If not, we lose a lot of benefits from the credit as valuable commercial device through reservation of these principles to take a few benefits. So, We need to recognize that the fraud exception rule should be applied restrictively.<BR>&nbsp;&nbsp;Therefore, this study reviewed condition of application and exception from application of fraud exception rule in view of Cardozo&quot;s opinion, the Sztejn court, meaning and problem of UCC§5-114(2), and rules and fraud countermeasure of UCC§5-109.