LL.M. / The objective of this study is to identify the legal systems that should be applied in terms of South African private international law to the different contractual relationships in respect of a documentary letter of credit. In South Africa no legislation or (binding) case law in point exists. A comparative study is therefore made of the relevant legal rules and principles in the following countries: the United Kingdom; Germany; the Netherlands; Canada; Australia; and the United States of America. It is submitted that, in the absence of either an express or a tacit choice of a legal system by the parties, the proper law of a documentary letter of credit transaction in South African private international law should be – 1) in respect of the contractual relationship between the applicant and the issuing bank: the law of the country where the issuing bank is situated; 2) in respect of the contractual relationship between the issuing bank and the correspondent bank (whether confirming or merely advising): the law of the country where the correspondent bank is situated; 3) in respect of the contractual relationship between the confirming bank and the beneficiary: the law of the country where the confirming bank is situated; 4) in respect of the contractual relationship between the issuing bank and the beneficiary – a) where a correspondent bank (whether confirming or merely advising) is involved: the law of the country where the correspondent bank is situated; b) where no correspondent bank is involved: the law of the country where the issuing bank is situated.
| Identifer | oai:union.ndltd.org:netd.ac.za/oai:union.ndltd.org:uj/uj:14764 |
| Date | 08 January 2009 |
| Source Sets | South African National ETD Portal |
| Detected Language | English |
| Type | Thesis |
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