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Documents Forgery and Fraud in Documentary Credit Transactions

As fer the bank's discretionary power to deviate from absolute strictness in the terms of compliance of the letter of credit, the solution does not seem to lie in dogmatic adherence to one of the opposing principles. The principle - the bank's duty to accept or pay whenever the documents seem to comply on their face, regardless of underlying fraud - the bank is under a duty to withhold payment at any time the customer duties of the forgery or fraud of the underlying contracts - is inoperative. In order to avoid the unnecesary polarization of decisions, more attention should be given to the merits of the injunctive remedy. It is to be hoped that banks who advertise themselves as experts and who propose to advise their clients on documentary credit transactions, will be held to their promise. It is believed that the relaxation of the fraud rule would be of benefit not only to importers who utilize the documentary credit system, but also to the banks. An injunction granted in instances of the type of fraud may on occasion save a bank from sustaining a loss. The reason for this is that the documents of title constitute the bank's security to its own client.