SCRISOAREA DE GARANȚIE BANCARĂ – TITLU EXECUTORIU? OPINIE CE ÎI PUTEA FI ADRESATĂ ÎNALTEI CURȚI DE CASAȚIE ȘI JUSTIȚIE – DOSARUL NR. 643/1/2021
THE LETTER OF CREDIT – IS IT AN ENFORCEABLE INSTRUMENT? AN OPINION THAT COULD HAVE BEEN SENT TO THE HIGH COURT OF CASSATION AND JUSTICE – CASE NO. 643/1/2021
Author(s): Adrian TambaSubject(s): Civil Law, Commercial Law, Court case
Published by: Studia Universitatis Babes-Bolyai
Keywords: letter of credit; enforceable instrument; underlying contract; credit contract;
Summary/Abstract: My 'opinion' or, if I may call it so, research begins with a few introductory remarks. It continues with a second section, where the reader may notice a kind of dialogue between APIA and First Investment Bank AD; the two entities discussed whether the Romanian Supreme Court should be asked a question: is the letter of credit an enforceable legal instrument? The third section points out that a lower Romanian court decided that the High Court must intervene, and answer said question. In the fourth section, I try to establish if art. 120 of the Romanian Government’s Ordinance no. 99/2006 applies to a letter of credit. In the fifth one, I highlight that art. 120 of Ordinance no. 99/2006 may be applied to a letter of credit, but only if the underlying contract is a credit contract. The sixth section shows what Romania’s Supreme Court decided, and ends with some food for the thought.
Journal: Studia Universitatis Babes Bolyai - Iurisprudentia
- Issue Year: 66/2021
- Issue No: 1
- Page Range: 133-148
- Page Count: 16
- Language: Romanian