外文文献及译文交易中的信用证欺诈及其可能的仲裁.docx
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外文文献及译文交易中的信用证欺诈及其可能的仲裁.docx
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外文文献及译文交易中的信用证欺诈及其可能的仲裁
郑州科技学院
本科毕业论文
(外文翻译)
题目论信用证的软条款及自我防范措施
学生姓名胡亚兰
专业班级09级国际经济与贸易三班
学号200936063
院(系)经济贸易系
指导教师(职称)王自娜
完成时间2013年月日
FraudintheLetterofCreditTransactionanditsPossibleArbitration
InstituteofComparativeLawMcGillUniversityGernotFohler
Abstract
Theletterofcreditcontinuestoplayanindispensableroleinthefinancingandsecuringofinternationalcommercialtransactions.Itsusefulnessandefficacyderivesprimarilyfromthefactthatitisindependentfromtheunderlyingrelationshipbetweenbuyerandseller.Inaconsiderablenumberofcases,however,theindependenceoftheletterofcredithasbeenchallengedasaresultoffraudintheunderlyingtransaction.Afteranalyzingrecentreformsoftheregulatoryframeworkgoverninglettersofcredit,thisfraudexceptiontotheindependenceprinciplewillbereappraisedinthelightofcurrentdevelopmentsinCanadaandtheUnitedStates.Finally,theauthorarguesthatarbitrationcanandindeedshouldplayanincreasinglyimportantroleintheresolutionofinternationalletterofcreditdisputesinvolvingfraudinthetransaction.
1AboutL/Cfraud
TheL/Ccycleoperatesinthefollowingway:
afterabuyerandasellerhaveenteredintoasalescontract,thebuyerappliesforaL/Cfromanissuingbank.UponreceivingtheL/C,thesellerwouldcheckitsauthenticitywithanadvisingbank.HavingconfirmedtheL/Ciscorrect,thesellerexportsthegoodsandpreparesaseriesofdocumentssuchasInspectionCertificate,BillofLadingetc.,provingtoitsnegotiatingbankthatthegoodsshippedareinaccordancewiththebuyer’sstandard.Beforethenegotiatingbankreleasesmoneytotheseller,itwillcheckonfacevaluethatthesubmitteddocumentstallywiththebuyer’sinstruction.Thereafter,the
negotiatingbankwillforwardthedocumentstothebuyerthroughitsissuingbank.
Inordertoobtainthesedocumentsfromtheissuingbank,thebuyerwillhavetoeithercompleteitspaymentorenterintomutualagreementwiththeissuingbankonapaymentdate.Withthedocumentsathand,thebuyercouldgetthegoodsattheportandthustheL/Ccyclecompletes.TheentireL/Ccycleisgovernedbytheinternationallyrecognizedregulation—UCP600,whichisissuedbytheInternationalChamberofCommerce.
TheL/Ccycleiscomparabletocreditcardtransactions,inwhichabankpromisestopayonbehalfofthebuyer(.IndependencePrinciple).Thispaymentmethodisindependentfromtheunderlyingbusinesstransaction.ThebankiscompliedtohonortheL/Caslongasthesubmitteddocuments,onitsface,iscorrect.(CompliancePrinciple)
Despitetheavailabilityofregulationsandscrutinyofthebanks,thereisinevitablyweaknessintheL/Csystem.ItisnotuncommonforthefraudsterstoexploittheIndependencePrincipleandtheCompliancePrinciple.Afterall,thebankonlyexaminesthedocument,butnotphysicallyexaminesthegoodsattheport.
ItiscommonforsellerstocheattheL/Ccycle.AsinatypicalL/Cfraudscenario,asellershipsoutsubstandardgoods(shortshipment).Inothercases,theshipmentinfactmaynotexist(falseshipment)wherethesellerdefraudsthebankbypresentingfalseBillofLadingtosupporttheexistenceoftheshipment.Ifthebankfailstotimelydiscoverthescam,itwillreleasemoneytothesellerandthen,thecasewillnotsurfaceuntilthebuyerphysicallyreceivesthegoodsatalaterstage.
Althoughitisnotprevalent,abuyersometimescheatstheL/Ccycle.ThetypicaltrickisthatabuyerplacesanordertoasellerandrequeststhepaymentbesettledbyL/C.Thebuyeralsorequeststoarrangetransportationforthegoods.Then,thebuyerappointsathirdpartyforthe
applicationofL/C.AlegitimateL/Cwillbesenttotheseller.AfterthesellercheckscorrecttheL/C,thegoodswillbehandedovertothetransportationcompanyasdenotedbythebuyer.However,thetransportationcompanyisinfactapartytothebuyer,whichprovidesincorrectinformationtotheshippingcompanyontheBillofLading.Althoughthegoodsfinallyreachthedestinationcountry,thesellerfailstohonortheL/CbecauseoftheincorrectBillofLading.
AnothercommontypeofL/Cfraudisknownas‘L/CKiting’.Somemerchantsmaythinkofobtainingcashflowbyusingtheirexistingcreditfacilityattheirbank,suchasL/C,withouttherebeingagenuineunderlyingtransaction.ByhonoringanL/C,thefraudstercouldimprovecashflowofthecompanyatacomparativelylowinterestrate.Becausetheunderlyingtransactionisfalse,boththesellerandthebuyerwillcommitinoffence,eventhoughtheloanisfullysettledinthefuture.
TopreventfallingintotheL/Cfraudtrap,itisalwaysagoodpolicytobebetteracquaintedwithclients(‘KnowYourClientPolicy’).
2FraudintheLetterofCredittransaction
Ithasbeencommonlystatedthattheonlyrecognizedexceptiontotheindependenceprincipleisinthecaseoffraudinthetransaction.Thoughsuchaviewfailstorecognizethatthefraudinthetransactionscenarioalsoconstitutesanexceptiontotheruleofstrictcompliance,itistruethat,inthepast,courtsinCanadaandtheUnitedStateshavebeenwillingtodisregardtheindependenceprincipleinordertopreventhonorunderthecreditbecauseofabusiveorfraudulentdemands.ItisthepurposeofthissectiontoreappraisethecircumstancesunderwhichcourtsinCanadaandtheUnitedStateshavebeenwillingtograntthisexceptioninthelightofrecentjurisprudence.
Inordertodepictafraudinthetransactionsituation,aswellastoprovideabriefhistoricalreviewoftheoriginofthefraudexception,thelandmarkdecisionof
Sztejnv.HenrySchroederBankingCorpwillbediscussed.Nextthestatutoryapproachtothefraudexceptionwillbeoutlinedbeforethescopeofthefraudexceptionanditslocuswillbedescribed.Afterwardsthelegalremediesavailabletothepartiesinafraudscenariowillbeexamined.Thissectioncloseswithananalysisofthestandardthatconstitutesfraudandthedutiesofcarethattheissuerawestoboththeapplicantandthebeneficiary.
2.1Sztejnv.HenrySchroederBankingCorp.
TheexceptionconcerningfraudinthetransactioncanbetracedbacktotheAmericandecisionofSztejnv.HenrySchroederBankingCorp.InSztejn,theplaintiff,anAmericanbuyer,contractedtopurchaseanumberofbristlesfromTranseaTraders,anIndian-basedcorporation.Inordertopayforthebristles,SztejnagreedwithHenrySchroederBankingCorp.,the.Americanissuer,toopenanirrevocableletterofcredit,inwhichitwasstipulatedthatpaymentwillbemadebyshipmentofthegoodsanduponpresentationofabillofladingandacommercialinvoice.
Insteadofdeliveringbristles,TranseaTradersshippedanumberofcratesfilledwith“cowhair,otherworthlessmaterialandrubbish,"inorder"tosimulategenuinemerchandiseandtodefraudthebuyer."Nonetheless,TranseaTradermanagedtoacquiredocumentsthatwereconsistentwiththetermsandconditionsofthecredit.Beforethebankpaidthedraft,theplaintiffdiscoveredthefraudandsoughtinjunctivereliefinordertodeclaretheletterofcredittoavoiditfrombeinghonored.
Initsanalysisthecourtfirstrevisitedthe"wellestablished"independenceprinciple.Itstatedthattheapplicationoftheindependenceruleislimitedtosituationsinwhichtheaccompanyingdocumentsare"genuineandconformwiththerequirementsoftheletterofcredit.”Insodoing,thecourtwasactuallymakingtwopoints.Firstitassumedthat
adherencetotheruleofstrictcomplianceisaprerequisitetoupholdingtheindependenceprinciple.Second,itheldthattheindependenceprincipleisnotintendedtolegitimizethetenderingoffalsifiedorfraudulentdocuments.
Thecourtthenwentontosaythat"wheretheseller'sfraudhasbeencalledtothebank'sattentionbeforethedraftsanddocumentshavebeenpresentedforpayment.Theprincipleoftheindependenceofthebank'sobligationundertheletterofcreditshouldnotbeextendedtoprotecttheunscrupulousseller.”
Insoruling,thecourtlaidthefoundationsforwhatistodayclassifiedasthefraudexceptioninletterofcredittransactions.
Thecourtremarkedthatthecasebeforeitwasnota"breachofwarranty"butratheroneof"activefraud."Therefore,no"hardshipiscaused...wherefraudisclaimed,wherethemerchandiseisnotmerelyinferiorinqualitybutconsistsofworthlessrubbish,wherethedraftandtheaccompanyingdocumentsareinthehandsofonewhostandsinthesamepositionasthefraudulentseller,wherethebankhasbeengivennoticeofthefraudbeforebeingpresentedwiththedraftsanddocumentsforpayment.”
Enjoiningpaymentofthedraftinsuchsituationsprotectsnotonlytheinterestsoftheapplicant,butalsothoseoftheissuingbank,sinceabankis"vitallyinterestedinassuringitselfthattherearesomegoodsrepresentedbythedocuments.”
SinceSztejncourtsaroundtheworld,includingCanadianandAmericancourts,haverecognizedandestablishedthefraudexceptioninbothdocumentaryandstandbycredittransactions.IntheUnitedStates,theSztejndecisionandothersfollowingitinspiredthedraftersofart.5U.C.C.toincludeaprovisionbringingfraudulenttransactionswithinthescopeoftheU.C.C.whichinamendedform,wasre-establishedintherevised1995version.
3Legalremediesavailabletothepartiesinafraudscenario
Inordertoassesstheprospectsofarbitrationsucceedingasanalternativetolitigationinafraudulentletterofcreditdispute,itisfirstnecessarytounderstandthelegalremediesavailabletothepartiesinsuchacontext.
Misconductbythebeneficiaryi
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