信用证欺诈案United City Merchants v Royal Bank of Canada.docx

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1、UnitedCityMerchants(Investments)1tdvRoya1BankofCanada(TheAmericanAccord)AmericanAccord,The(H1)Houseof1ords20May1982WhereReported19831A.C.16819822W.1.R.103919822A11E.R.7201982211oyd,sRep.11982Com.1.R.142SummarySubject:BankingKeywords:Bi11sofExchange;Bi11sofExchange;1ettersofcredit;Irrevocab1ecredits;

2、Foreigncurrencies;Foreigncurrencies;Irrevocab1ecredits;1ettersofcreditCatchphrases:1etterofcredit;irrevocabi1ity;natureofdocumentAbstract:Thequestionwhetherandtowhatextentacontractisenforceab1eundertheBrettonWoodsAgreementsOrderinCounci11946becauseitisamonetarytransactionindisguiseisnotaquestionofth

3、econstructionofthecontract,butoneofthesubstanceofthetransactiontowhichenforcementofthecontractwou1dgiveeffect.P2so1dequipmenttoaPeruviancompanyandagreedtoaschemetodoub1ethepricetoenab1ePeruvianexchangecontro1regu1ationstobecircumvented.A1etterofcreditinconnectionwiththetransactionwasissuedinPeruandc

4、onfirmedbyD.P2assignedtherightsunderthecredittoP1.Drejectedthedocumentsevidencingtheshipmentoftheequipmentandweresuedunderthe1etterofcredit.MocattaJ.he1dthatthecontractofsa1eandpurchasewasadisguiseforexchangingcurrenciesandthereforethecontractand1etterofcreditwereunenforceab1e.Summary:He1d,a11owingt

5、heappea1,thatthequestionwhetherornotacontractwasunenforceab1eundertheBrettonWoodsAgreementswasoneofitssubstanceandnotofitsform.Itwasthetaskofthecourttopenetrateanydisguisepresentedbythe1anguageofthecontract,toidentifyanymonetarytransactionwhichthat1anguagewasintendedtoconcea1andtorefusetoenforcethec

6、ontractinsofarasitwou1dgiveeffecttothemonetarytransaction.Totheextentthatthecontractsdidnotoffendtheexchangecontro1regu1ationsP,sc1aimwasenforceab1e.1egis1ationCitedBrettonWoodsAgreementsAct1945Crimina1JusticeAct1925s.35ForgeryAct1913s.1HistoryoftheCaseDirectHistoryUnitedCityMerchants(Investments)1t

7、dvRoya1BankofCanada(TheAmericanAccord),1979111oyd,sRep.267(QBD(CommCt)AffirmedbyUnitedCityMerchants(Investments)1tdvRoya1BankofCanada(TheAmericanAccord),1982Q.B.208;19813W.1.R.242;19813A11E.R.142;1981111oyd,sRep.604;1981Com.1.R.98;(1981)125S.J.413(CA)Reversedby-UnitedCityMerchants(Investments)1tdvRo

8、ya1BankofCanada(TheAmericanAccord),19831A.C.168;19822W.1.R.1039;19822A11E.R.720;1982211oyd,sRep.1;1982Com.1.R.142(H1)NegativeIndirectHistoryDistinguishedbySafa1tdvBanqueduCaire,1999W11019572(QBD(CommCt)CitationstotheCaseApp1iedbyCooperativeCentra1eRaiffeisen-Boeren1eenbankBvSumitomoBank(TheRoyan,The

9、Abukirk,TheBretagne,TheAuvergne),1987111oyc1,sRep.345;19871F.T.1.R.233;1987Fin.1.R.275(QBD(CommCt)MansourivSingh,19861W.1.R.1393;19862A11E.R.619;1986F.1.R.143;(1986)831.S.G.3508;(1986)136N.1J.260;(1986)130S.J.801(CA)MansourivSingh,(1984)134N.1.J.991;Times,Ju1y21,1984Fo11owedbyCentriforceEngineering1

10、tdvBankofScot1and,1993S.1.T.190;1993S.C.1.R.165;Times,December23,1992(OH)ConsideredbyBancoSantanderSAvBayfern1td,19992A11E.R.(Comm)18;199911oyd,sRep.Bank.239;1999C.1.C.1321;(1999)96(26)1.S.G.27;Times,June29,1999;Independent,June21,1999(C.S.);1999W1250019(QBD(CommCt)CairnEnergyP1cvRoya1BankofScot1and

11、P1c,2000S.C.325;2000S.1.T.1098;2000G.W.D.7-240(OH)ThamesWaterAuthorityvE1mbridgeBC,1983Q.B.570;19832W.1.R.744;19831A11E.R.836;811.G.R.678;1983J.P.1.470;(1983)127S.J.187(CA)ReferredtobyEuropeanAsianBankAGvPunjab&SindBank,1981211oyd,sRep.651;1981Com.1.R.246(QBD(CommCt)SecondarySourcesAgency;Bankersdut

12、ies;Fraud;1ettersofcredit.TheAmericanaccord.Int.Bank.1.1986,4(11),154-155Agency;Bankersduties;Fraud;1ettersofcredit.TheAmericanaccord.Tnt.Bank.1.1986,4(12),166-168Canada;Fraud;1ettersofcredit.UnitedCitymerchants:theCanadianviewpoint.Tnt.Bank.1.1987,6(1),7-8Fraud;1ettersofcredit;Payments.1ettersofcre

13、ditandknow1edgeoffraud.Corp.Brief.1994,8(3),14-15ENDOFDOCUMENTCopr.(c)West2002NoC1aimtoOrig.Govt.WorksFOREDUCATIONA1USEON1Y*168UnitedCityMerchants(Investments)1td.Appe11ants(FirstP1aintiffs)andG1assFibresandEquipments1td.Appe11ants(SecondP1aintiffs)v.Roya1BankofCanada(IncorporatedInCanada)Respondent

14、s(Defendants),VitrorefuerzosS.A.FirstThirdPartyandBancoContinenta1S.A.SecondThirdPartyHouseof1ordsH11ordDip1ock,1ordFraserofTu11ybe1ton,1ordRusse11ofKi11owen,1ordScarmanand1ordBridgeofHarwich1982March16,17,18,22;May20OnAppea1fromUnitedCityMerchants(Investments)1td.v.Roya1BankofCanadaBanking一一1ettero

15、fcredit-Bi11of1ading-一Fa1sedateinsertedasdateofshipmentofgoods-Fraudbythirdparty-Innocentp1aintiff-Whetherbankerentit1edtorefusepaymentunder1etterofcreditTnternationa11aw-Recognition-Effect-Exchangecontract”-Currencyregu1ationsoffe11ow-memberofInternationa1MonetaryFund-AgreementbetweenEng1ishcompanyandPeruviancompanyforsa1eofgoods-一Priceinf1atedasmeansofevadingPeruvianexchangecontro1-Whetherwho1e1etterofcreditcoveringagreementunenforceab1easexchangecontract-Whetherexchangecontracte1ementseverab1e-BrettonWoodsAgreementsOrderinCounci11946(S.R.&0.1946No.36),Sch.,Pt.I,art.VIII,s.2(b)