Strategic Studies of Jurisprudence and Law

Strategic Studies of Jurisprudence and Law

Examples and Limitations of the Influence of the Principle of Independence of Documentary Credits on the Procedure

Document Type : research

Authors
shabanali Rakhshay Soleyman Gilani 1
Siamak Qiasi Saraki 2
Arezo Malekshah 3
1 PhD Student in Private Law, Department of Law, Faculty of Humanities, Qom Branch, Islamic Azad University, Qom, Iran.
2 Assistant Professor and Faculty of Islamic Humanities Higher Education Complex, Department of Law, Al-Mustafa International Research Institute, Qom, Iran
3 Assistant Professor, Department of Law, Faculty of Law and Political Science, South Tehran Branch, Islamic Azad University, Tehran, Iran
10.22034/ejs.2024.458645.1806
Abstract
Background and Aim: One of the fundamental principles of letter of credit is the principle of independence. The purpose of this article is to investigate the examples and limitations of the influence of the principle of independence of documentary credits on the procedure.
Materials and Methods: This article is descriptive and analytical. Materials and data are also qualitative and data collection was used in collecting materials and data.
Ethical Considerations: In this article, the originality of the texts, honesty and trustworthiness are observed.
Findings: The findings showed that despite the recognition of the principle of independence of the letter of credit on the proceedings, sometimes the courts take precautionary measures as necessary, which limits the a third party, securing the demand and issuing a temporary order. Although in the mentioned cases, there are no legal regulations that explicitly indicate them, but it can be assumed indirectly by referring to the provisions of the Civil Procedure Law that they are accepted in Iranian law.
Conclusion: Sometimes the legislator has limited the scope and scope of the principle of independence and these cases include: temporary order, securing the demand and entry of a third party and attracting a of credit, they will set aside the principle of independence and declare the contract void and prevent the principle of independence of letters of credit from being issued.
Keywords
principle of independence
documentary credit
proceedings
provision of demand
third party entry
third party attraction
Subjects
Strategic Studies of Jurisprudence and Law
Volume 6, Issue 5 - Serial Number 5
Studies of economic jurisprudence
Summer 2024
Pages 469-486