14 Dec 2009
FIRST COMMERCIAL BANK, LTD v. BANK OF CHINA (HONG KONG) LTD
- Citation
- FIRST COMMERCIAL BANK, LTD v. BANK OF CHINA (HONG KONG) LTD
- Court
- Court of First Instance
- Case number
- HCCL24/2008
FCB's presentation was invalid because FCB negotiated and paid the beneficiary against a non‑complying presentation (the 1st Cargo Receipt); UCP Art.7(c) requires that the nominated bank forward the documents it purchased upon a beneficiary's complying presentation, so BOC had no obligation to reimburse. Independently, the 3rd Cargo Receipt was non‑compliant because its chop did not match the specimen provided and contravened the express verification instruction in the credit, so BOC was not required to pay even if FCB could have validly presented it.