Letters of credit, set-off, ISDA® Master Agreements and competing claims (High Court) | Practical Law

Letters of credit, set-off, ISDA® Master Agreements and competing claims (High Court) | Practical Law

An issuing bank is free to set-off a beneficiary's debts against payment under letter of credit, even where the beneficiary owes those amounts under a completely unrelated transaction. Lehman Brothers Commodity Services Inc. v Credit Agricole Corporate and Investment Bank [2011] EWHC 1390 (Comm).

Letters of credit, set-off, ISDA® Master Agreements and competing claims (High Court)

Practical Law UK Legal Update Case Report 2-507-0464 (Approx. 5 pages)

Letters of credit, set-off, ISDA® Master Agreements and competing claims (High Court)

by PLC Finance
Published on 18 Aug 2011 • England, Wales
An issuing bank is free to set-off a beneficiary's debts against payment under letter of credit, even where the beneficiary owes those amounts under a completely unrelated transaction. Lehman Brothers Commodity Services Inc. v Credit Agricole Corporate and Investment Bank [2011] EWHC 1390 (Comm).