貨煥信用狀去來에 있어서 代金支給義務의 成立과 消滅 = The formation and termination for the responsibility to pay under documentary credit transaction

다국어 초록 (Multilingual Abstract)

In this study, the author attempt to analyze the principle of performance to pay under documentary letter of credit and to compare the principle and current practice in operation of the credit. Another purpose of this study is to support credit tansactions to supply a theoretical standard in re-lation with the disputes caused by different measurement of same clause in the credit. In addition to the above, this study is to give a defenition of terms used in credit transaction and to search for the materials studied in the field of credit.
With the above purpose, the opening bnak and confirming bank are defined as a major obligor to pay to the seller under the credit. Beside of two banks the buyer is included in the object of this study as an obligor who assume full responsibility to pay to the opening bank even though he is not obligor to the seller under the credit.
The cores of credit transaction is the performance to pay to the seller by opening bank, therefore in this study the formation and termination of obligation to pay is studied prior to define the principle of performance to pay. Also the major obligor's right and responsibility will be investigated and also disputed in relation to payment will be specified theoretically.
As the validity of credit will commence after when letter of credit opened and advised to the ben-eficiary, the formation of obligation will effect same time. The termination of credit will be closed respectively after when the credit expired, all party concerned agreed to cancel the credit or the amount of credit paid by opening or nominating bank. In case of nominating bank negotiate the documents tendered by beneficiary, the credit will not be expired at the time of negotiation but the credit will be expired when the reimbursement be executed by opening bank.
The governing law applicable to the contract of sale, the underlying contract of the credit, is the law of conducting place but to the credit is the law of the place of nominating bank except freely negotiable credit that will governed by the law of the place of opening bank.