What are the minimum conditions for a document ?
Posted: Thu Jan 22, 2004 12:00 am
If I had to chose a camp, having thought about it further, it would be the Phil (and Judith?) one at the moment. I agree that Article 21 contains an exhortation to specify –in a credit- the issuer of a particular document. However, I remain to be convinced by the argument that this implies all documents must purport to have an issuer. I think the point made by Judith, that the last sentence refers to data content only, is a good one. I take the point regarding para 197, but -if correct- this relates to a document that must be signed (as it is described as a ‘certificate’; para 8 refers).
The document that was the subject of the original query was a packing list. This document does not require any signature and my understanding is that generally an unsigned document is not binding and therefore does not create any rights for users of the document against the issuer. Therefore, provided this non-binding document appears to give the relevant information, I cannot currently see that the absence of an apparent issuer is reason for its refusal as this information would logically add nothing -of a legal nature- to the document.
Overall, to me the ostensible purpose of this article is to protect banks against precisely the sort of problem that gave rise to the query. However, my mind is not closed on the subject and I am perfectly prepared to consider contrary views.
The document that was the subject of the original query was a packing list. This document does not require any signature and my understanding is that generally an unsigned document is not binding and therefore does not create any rights for users of the document against the issuer. Therefore, provided this non-binding document appears to give the relevant information, I cannot currently see that the absence of an apparent issuer is reason for its refusal as this information would logically add nothing -of a legal nature- to the document.
Overall, to me the ostensible purpose of this article is to protect banks against precisely the sort of problem that gave rise to the query. However, my mind is not closed on the subject and I am perfectly prepared to consider contrary views.