Irrevocable Letter of Credit vs. Confirmed Letter of Credit
Category: Credit Transactions
Is irrevocable letter of credit and confirmed letter of credit synonymous?
An irrevocable letter of credit is not synonymous with a confirmed letter of credit. In an irrevocable letter of credit, the issuing bank may not, without the consent of the beneficiary and the applicant, revoke its undertaking under the letter, whereas, in a confirmed letter of credit, the correspondent bank gives an absolute assurance to the beneficiary that it will undertake the issuing bank’s obligation as its own according to the terms and condition of the credit. (Prudential Bank and Trust Company v. IAC, G.R. No. 74886, Dec. 8, 1992)
Related Philippine Law Resources:
Newer Philippine Law Resources:
Additional Law Reading:
Irrevocable Letter of Credit vs. Confirmed Letter of Credit
Category: Credit Transactions
Is irrevocable letter of credit and confirmed letter of credit synonymous?
An irrevocable letter of credit is not synonymous with a confirmed letter of credit. In an irrevocable letter of credit, the issuing bank may not, without the consent of the beneficiary and the applicant, revoke its undertaking under the letter, whereas, in a confirmed letter of credit, the correspondent bank gives an absolute assurance to the beneficiary that it will undertake the issuing bank’s obligation as its own according to the terms and condition of the credit. (Prudential Bank and Trust Company v. IAC, G.R. No. 74886, Dec. 8, 1992)
Related Philippine Law Resources:
Newer Philippine Law Resources:
Additional Law Reading:
BATASnatin The Firm
Latest @ Forums
-
-
- Shema Corporation legal ba?
- In General Discussion
- 6 days, 14 hours ago
-
-
-
- foreclosed property, i need guides please help me
- In I Need A Lawyer!
- 2 weeks, 3 days ago
-
-
-
- i cant access even the demo
- In Law MCQuizzer
- 2 weeks, 3 days ago
-
Popular
- 1
- 2
- 3
SUGGESTED ANSWERS …
ANSWERS TO BAR EXAMINATION QUESTIONS IN POLITICAL LAW ARRANGED BY TOPIC (1990 – 2006) Edited and Arranged by:Silliman University College of Law Batch 2005Updated by:DondeeD’ BAR-Retake 2007 From the ANSWERS TO BAR EXAMINATION QUESTIONS by the UP LAW COMPLEX & PHILIPPINE ASSOCIATION OF LAW SCHO...
Read moreOral Defamation l S…
Kinds and Definition of Slander or Oral Defamation Definition: Speaking of base and defamatory words which tend to prejudice another in his reputation, office, trade, business or means of livelihood Two kinds of oral or verbal defamation: (1) Grave Slander (2) Simple Slander A. Factor...
Read moreArticle I – THE NAT…
Article I – THE NATIONAL TERRITORYThe national territory of the Philippines comprises:1) the Philippine archipelago;2) all other territories over which the Philippines has sovereignty or jurisdictionPHILIPPINE ARCHIPELAGO – that body of water studded with islands which is delineated in the Treaty of...
Read moreRandom
- 1
- 2
- 3
TECHNOGAS PHIL. V. …
TECHNOGAS PHIL. V. CA 268 SCRA 5 FACTS: Technogas owned property with buildings and walls. Uy bought an adjacent property. There was an agreement for Technogas to demolish the wall. Uy filed a complained but the case ...
Read moreRepublic v. Manila …
Republic v. Manila Electric Company391 SCRA 700 (2002)Regulation of rates to be charged by public utilities is founded upon the police power of the State and statutes prescribing rules for the control and regulation of public utilities are a valid ex...
Read moreCHATTEL MORTGAGE
CHATTEL MORTGAGE(ARTICLES 2140-2141, CHATTEL MORTGAGE LAW)Art. 2140. By a chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being r...
Read moreFeatured
- 1
- 2
- 3
Right to Strike
SSSEA v. CA – right to strike – At present, in the absence of any legislation in government employees the right to strike, recognizing their right to do so, or regulating the exercise of such right, they are prohibited form striking by express prohi...
Read morePeople vs. Tolentin…
G.R. No. 176385, February 26, 2008 FACTS: On 13 February 1998, three separate informations of Murder and two counts of Frustrated Murder were filed before the RTC against appellants, together with accused Jimmy Trinidad and Arnel Trinidad. The murd...
Read morePerfection Of A Con…
In Oesmer, Jr., et al. v. Paraiso Dev. Corp., G.R. No. 157493, February 5, 2007, a contract to sell was entered into by the owners of a real property. They affixed their signatures but contested its validity later contending that their co-owner had n...
Read more