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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » Code of Commerce » ESSENTIAL CONDITIONS OF A LETTER OF CREDIT

ESSENTIAL CONDITIONS OF A LETTER OF CREDIT

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1ESSENTIAL CONDITIONS OF A LETTER OF CREDIT Empty ESSENTIAL CONDITIONS OF A LETTER OF CREDIT Sat Sep 20, 2008 11:32 pm

barrister

barrister
Reclusion Perpetua

1. Issued in favor of a definite person and not to order. In effect, it is not a negotiable instrument governed by the Negotiable Instruments Law.
2. Limited to fixed or specified amount, or to one or more amounts, but with maximum stated limit. If any circumstance is missing, the letter is a mere letter of recommendation (Article 568, Code of Commerce)

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Free Legal Advice Philippines » GENERAL PRINCIPLES, UPDATES » LEGAL MATTERS, GEN PRINCIPLES, DOCTRINES, UPDATES » Commercial Law » Code of Commerce » ESSENTIAL CONDITIONS OF A LETTER OF CREDIT

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