This dispute is a further addition to a series of recent cases in which lenders have attempted to resist making payment, or sought recovery of payments made, under letters of credit, on the purported basis that the underlying contracts are fraudulent in nature.
This article examines the recent judgment of the Singapore Court of Appeal on the Nullity Exception that might also avail the banks. We consider whether it deserves another look or if it is time to close it down completely.
This article discusses the Singapore Court of Appeal’s recent decision to dismiss a claim against two banks for non-payment under letters of credit. This judgment provides commercial parties with further clarity on the fraud exception, in particular what will constitute a false representation under presenting documents.
This article examines the new Model Law on Warehouse Receipts developed by UNIDROIT, summarising its key objectives and commenting on its benefit for all commodity market participants.
In this article we discuss the recent case of Kuvera Resources Pte Ltd v JP Morgan Chase Bank NA [2022] SGHC 213, where the High Court of Singapore considered the validity of a sanctions clause for the first time.