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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. 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

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  1. The Four Stages of Electrification of Letters of Credit Professor James E. Byrne Institute of Letter of Credit Law & Practice

  2. The Dot.Com Era Approach You must allow electrification.

  3. Since 1860s • Issuance • Processing • Payment Amenable

  4. 4 Stages in LC Electrification • Legalization • Systemization • Acceptance • Transformation

  5. US UCC §1-201 • “Writing”: Intentional reduction to tangible form • “Signed”: Any symbol executed or adopted with present intent to authenticate

  6. 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.

  7. Superficial Electification • Issuance: UCP400 Articles 11 & 20 • Processing: Via Telefax • Payment: Funds Transfer

  8. A Right to Electrification of LCs? • Legalization • Systemization • Acceptance • Transformation Presentation of Documents

  9. ISP98 Rule 3.06 Unless prohibited, electronic presentation permitted if i) only a demand ii) by a beneficiary with access to authenticable systems

  10. 4 Stages in LC Electrification • Legalization • Systemization • Acceptance • Transformation

  11. Transformation • Standardization of Standbys & Demand Guarantees • Oil Fluctuation Clauses • Verification of Vessel Dockings

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