Home
1. Drawer liable to person on whom it was issued provided identity proven, for the amount paid within fixed maximum.
2. Bearer has no right of action if not paid by person who issued it.
3. Drawer may annul the letter of credit, informing the bearer and to whom it is addressed.
4. Bearer shall pay the amount received to drawer, otherwise action for execution may
be filed with interest and current exchange in place where payment made on place where
repaid.
5. If a bearer does not make use of letter of credit within agreed period, or if none, within
6 months from date if in the Philippines, and 12 months if outside the Philippines, it shall be void. (Articles 569-572, Code of
Commerce)
2. Bearer has no right of action if not paid by person who issued it.
3. Drawer may annul the letter of credit, informing the bearer and to whom it is addressed.
4. Bearer shall pay the amount received to drawer, otherwise action for execution may
be filed with interest and current exchange in place where payment made on place where
repaid.
5. If a bearer does not make use of letter of credit within agreed period, or if none, within
6 months from date if in the Philippines, and 12 months if outside the Philippines, it shall be void. (Articles 569-572, Code of
Commerce)
