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The Four Stages of Electrification of Letters of Credit. Professor James E. Byrne Institute of Letter of Credit Law & Practice. The Dot.Com Era Approach. You must allow electrification. Since 1860s. Issuance Processing Payment. Amenable. 4 Stages in LC Electrification. Legalization

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the four stages of electrification of letters of credit

The Four Stages of Electrification of Letters of Credit

Professor James E. Byrne

Institute of Letter of Credit Law & Practice

the dot com era approach
The Dot.Com Era Approach

You must allow electrification.

since 1860s
Since 1860s
  • Issuance
  • Processing
  • Payment

Amenable

4 stages in lc electrification
4 Stages in LC Electrification
  • Legalization
  • Systemization
  • Acceptance
  • Transformation
us ucc 1 201
US UCC §1-201
  • “Writing”: Intentional reduction to tangible form
  • “Signed”: Any symbol executed or adopted with present intent to authenticate
us ucc 5 106 2 a 1952
US UCC §5-106(2)(a) (1952)

A telegram may be a sufficient signed writing if it identifies its sender by an authorized authentication which may be in code.

superficial electification
Superficial Electification
  • Issuance: UCP400 Articles 11 & 20
  • Processing: Via Telefax
  • Payment: Funds Transfer
a right to electrification of lcs
A Right to Electrification of LCs?
  • Legalization
  • Systemization
  • Acceptance
  • Transformation

Presentation of Documents

isp98 rule 3 06
ISP98 Rule 3.06

Unless prohibited, electronic presentation permitted if i) only a demand ii) by a beneficiary with access to authenticable systems

4 stages in lc electrification10
4 Stages in LC Electrification
  • Legalization
  • Systemization
  • Acceptance
  • Transformation
transformation
Transformation
  • Standardization of Standbys & Demand Guarantees
  • Oil Fluctuation Clauses
  • Verification of Vessel Dockings
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