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The Law of Letters of Credit and Bank Guarantees

By Agasha Mugasha


The aim of this book is to present the Australian law of letters of credit and bank guarantees. It inexorably presents overseas literature as well because the subject is by nature international and comparative, and Australian courts readily cite overseas literature, particularly from the United States, England and Canada. Hence the book focuses on the available Australian literature and utilizes some limited overseas authorities which make Australian law whole and the book more understandable. - From the Preface


Introduction to Letters of Credit and Bank Guarantees
A Brief History and Sources of Law
Standby Letters of Credit and Bank Guarantees: Legal Nature and Functions
The Applicant-Beneficiary Relationship
The Issuer and the Applicant
The Issuer and the Beneficiary
Intermediary banks
Transmission of the Benefit of a Credit


  1. Uniform Customs and Practice for Documentary Credits (1993 Revision)
  2. eUCP: Supplement to UCP 500 for Electronic Presentation (Version 1.0)
  3. Uniform Rules for Demand Guarantees
  4. International Standby Practices 98
  5. United Nations Convention on Independent Guarantees and Stand-by Letters of Credit

Bibliography/ References/ Index


Dr Mugasha has written the definitive treatise on the Australian law of letters of credit and bank guarantees. Its practical focus and logical approach will enable the practising and scholarly lawyer alike to develop a thorough understanding of the operation of these two instruments.

Ethos (Law Society of the ACT), September 2003

Documentary letters of credit and bank guarantees are esseential to commerce and form a not insubstantial part of banking practice. In this book, the author examines the use of these essential tools of commerce both from a practical perspective and the law
The book provides a structured and easy to digest introduction to its subject matter. It then considers the legal nature and functions of letters of credit and bank guarantees, followed by an examination of the respective positions of the issuer and the applicant, the beneficiary and intermediary banks. The interactions between letter of credit/bank guarantee law on the one hand and its relationship with the laws relating to insolvency, equity, tort and contract on the other, is also considered by the author.

Australian Banking Law and Finance Bulletin, Vol 19(10), April 2004


Published April 2003
Publisher The Federation Press
ISBN 9781862872202
Australian RRP $125.00
International Price $115.00
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Law - Banking & Finance
Law - Company & Securities
Business / Finance

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