Debt Under A Letter Of Credit Is Situated In The Place Where Payment Is To Be Made
In the recent judgement of Taurus Petroleum Ltd v State Oil Company of the Ministry of Oil, Republic of Iraq 1, the English Court of Appeal considered where a debt under a letter of credit is situated. A letter of credit is a guarantee from a bank to a seller that the amount owed for the goods will be paid. Letters of credit are often used to finance import-export transactions.
Facts
A Shell group company had agreed to purchase crude oil from State Oil Company of the Ministry of Oil, Republic of Iraq (SOMO). Crédit Agricole was to pay the amount owed to SOMO under a letter of credit (theCA Letter). Separately, SOMO had not paid money it owed to Taurus Petroleum Limited (Taurus) under an...
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