Preclusion under UCP600 - Banks Beware!
Mondaq Business Briefing › Nbr. 2010, January 2010
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Preclusion under UCP600 - Banks Beware!
In what we believe to be one of the first reported judgments of the English High Court on the application of UCP600, it was held earlier this year in a dispute between Fortis Bank ("Fortis") and Indian Overseas Bank ("IOB")1 that the preclusion provided for by Article 16(f) of UCP6002 will apply to the conduct of an issuing bank even after it has issued a notice rejecting documents presented under a documentary credit.
Background Documents were presented by Fortis on behalf of its custom...See the full content of this document
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