20 Aug 1999
THE BANK OF CHINA v. XINYUAN TRADING CO. LTD. AND ANOTHER
- Citation
- THE BANK OF CHINA v. XINYUAN TRADING CO. LTD. AND ANOTHER
- Court
- Court of Appeal
- Case number
- CACV276/1998
Because BOC discounted the draft under a negotiable L/C for value without knowledge of any fraud, it became a holder for value entitled to demand payment; the autonomy of documentary credits prevents the court from restraining payment absent fraud or knowing assistance by the bank itself, and BOC was not a party to the action, so the interlocutory injunction was wrongly granted.