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JOURNAL OF ACCOUNTING AND FINANCE
Piercing the Autonomy in Payment Undertakings: Fraud and Others?
Author(s): Eliza Zhangminmin Xue
Citation: Eliza Zhangminmin Xue, (2020) "Piercing the Autonomy in Payment Undertakings: Fraud and Others?," Journal of Accounting and Finance, Vol. 20, ss. 8, pp. 122-127
Article Type: Research paper
Publisher: North American Business Press
Abstract:
This article reviews and challenges the position taken in the current English law in documentary payment undertakings that autonomy stands as a cardinal rule and fraud as the only exception. While admitting that the autonomy principle which secures a smooth, speedy and dependable documentary payment remains the backbone of the international financing system, it submits that it would adversely affect the integrity of law in a broader sense if such justifiable grounds of exception as illegality, nullity and unconscionability are entirely disregarded. It is necessarily beneficial to the international trade and the instrumental payment system as a whole if a principled and incremental approach would be adopted by courts when weighing the strength of justification for each individual new ground, rather than shutting a blind eye to their potential merits.
