Settlement of Disputes Arising from Documentary Credit Under National and International Regulations
The need Settlement of disputes arising from bank credit between national and international rules, protecting the interests of the bank and ensuring its financial rights before the debtor.
As the Bank faces different technical and legal difficulties, as well as the multiplicity of legal adaptation, we deal with the rules governing banking accreditation from the point of pleadings law, and the methods of amicable settlement of these disputes and following, and compulsory execution.
International efforts are taking the lead in establishing the technical regulation of bank accreditation and setting rules "DOCDEX" in 1997, and the 2015 amendments, which still need more as they do not provide a legal way to implement them.
it is necessary to find out legal regulation at the domestic and international levels, which calls for the legislator to intervene to organize its rules and procedures.
We have sought in this study to weave the legal entity to seize bank credit within the legally acceptable limits based on a system of seizure of the debtor with third parties against the background of the legal system of documentary credit and the relationships arising from it, and its financial and economic effects that go beyond the parties to the beneficiaries of companies, bodies, and economic institutions,
As the matter still requires the existence of special legislation regulating the seizure of bank credit, to ensure the effectiveness of the guarantees surrounding the appropriations by the national legislator and at the international level.
This would expand the insurance of bank credit so that the creditors recover their full right directly or by seizing the value of the credit, which calls for organizing this seizure with rules that consider the privacy of this seizure and its rules and are consistent with the required speed in such transactions in a way that protects the creditor from abuse, in a manner that ensures the observance of confidentiality, due process, and the spirit of banking work, anticipate the possible future that will witness the decline of documentary credit and replace it with electronic transactions, the establishment of specialized banking courts that save time and effort.
Key words: Documentary Credit and its types, Dispute Settlement, International Settlement Convention, Execution Rules
Nour, Dr. Hoda Magdy
"Settlement of Disputes Arising from Documentary Credit Under National and International Regulations,"
UAEU Law Journal: Vol. 2021:
87, Article 4.
Available at: https://scholarworks.uaeu.ac.ae/sharia_and_law/vol2021/iss87/4