10 Jun 2010
CHINA NEW ERA INTERNATIONAL LTD v. BANK OF CHINA (HONG KONG) LTD AND ANOTHER
- Citation
- CHINA NEW ERA INTERNATIONAL LTD v. BANK OF CHINA (HONG KONG) LTD AND ANOTHER
- Court
- Court of Appeal
- Case number
- CACV8/2010
Article 7(c) requires that the issuing bank reimburse a nominated bank that has honoured or negotiated a complying presentation and forwarded the documents; "negotiation" under UCP 600 does not require that the nominated bank had every final complying document at the moment it advanced funds or paid the beneficiary provided that the documents eventually forwarded to the issuing bank constitute a complying presentation and the issuing bank is precluded from asserting non-compliance under Article 16(f). Therefore the appellant was entitled to reimbursement and the order below was set aside.