The documentary credit or letter of credit is and has been for many centuries a fundamental instrument of international commerce. The characteristics of simplicity of use and of legendary reliability found in this mechanism of payment have induced the parties involved in world trade to use it as a guarantee to the execution of all kinds of legal obligations such as the full completion of construction work, financing, payment of customs duties or taxes, judicial bonds and even promises of marriage. / This master's thesis specifically concerns letters of credit used as a guarantee which are called in the trade "stand-by letters of credit". The first title presents the instrument in a practical context illustrating its principles with examples. The second title examines the legal aspects as such of the stand-by letter of credit while trying to circumscribe the nature of the instrument in law. Finally, in the third title, the cases where the functions and integrity of the instrument are tested are studied thereby identifying the legal strength of stand-by letters of credit recognized by the courts of different jurisdictions. / This study has enabled me to discover that this instrument is not as well suited to be a guarantee than it is to be a payment mechanism. In fact, its principles of function which are assets when used as a payment can become sources of flagrant injustice in the eyes of courts of certain jurisdictions when used as a guarantee.
| Identifer | oai:union.ndltd.org:LACETR/oai:collectionscanada.gc.ca:QMM.59589 |
| Date | January 1989 |
| Creators | Trudeau, Paul R. |
| Publisher | McGill University |
| Source Sets | Library and Archives Canada ETDs Repository / Centre d'archives des thèses électroniques de Bibliothèque et Archives Canada |
| Language | French |
| Detected Language | English |
| Type | Electronic Thesis or Dissertation |
| Format | application/pdf |
| Coverage | Master of Laws (Institute of Comparative Law.) |
| Rights | All items in eScholarship@McGill are protected by copyright with all rights reserved unless otherwise indicated. |
| Relation | alephsysno: 001233210, proquestno: AAIMM63747, Theses scanned by UMI/ProQuest. |
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