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I. Letters of Credit II. Trust Receipts Law III. Negotiable Instruments

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I. Letters of Credit II. Trust Receipts Law III. Negotiable Instruments TABLE OF CONTENTS I. Letters of Credit A. Definition and Nature of Letter of Credit............................................................................................................................................. 1 B. Parties to a Letter of Credit ....................................................................................................................................................................... 2 1. Rights and Obligations of Parties ...................................................................................................................................................... 3 C. Basic Principles of Letter of Credit ......................................................................................................................................................... 3 1. Doctrine of Independence .................................................................................................................................................................... 3 2. Fraud Exception Principle ................................................................................................................................................................... 5 3. Doctrine of Strict Compliance ............................................................................................................................................................. 5 II. Trust Receipts Law A. Definition/Concept of a Trust Receipt Transaction ........................................................................................................................ 6 1. Loan/Security Feature .......................................................................................................................................................................... 7 2. Ownership of the Goods, Documents and Instruments under a Trust Receipt ............................................................. 7 B. Rights of the Entruster ................................................................................................................................................................................ 8 1. Validity of the Security Interest as Against the Creditors of the Entrustee/Innocent Purchasers for Value .... 8 C. Obligation and Liability of the Entrustee ............................................................................................................................................. 8 1. Payment/Delivery of Proceeds of Sale or Disposition of Goods, Documents or Instruments ................................. 9 2. Return of Goods, Documents or Instruments in Case of Sale .............................................................................................. 10 3. Liability for Loss of Goods, Documents or Instruments ........................................................................................................ 10 4. Penal Sanction ......................................................................................................................................................................................... 11 D. Remedies Available..................................................................................................................................................................................... 13 E. Warehouseman’s Lien ............................................................................................................................................................................... 13 III. Negotiable Instruments Law A. Forms, Interpretation and other General Principles .................................................................................................................... 13 1. Requisites of Negotiability ................................................................................................................................................................. 15 2. Order Instrument .................................................................................................................................................................................. 23 3. Bearer Instrument ................................................................................................................................................................................. 23 4. Kinds of Negotiable Instruments .................................................................................................................................................... 24 B. Completion and Delivery .......................................................................................................................................................................... 26 1. Insertion of Date .................................................................................................................................................................................... 26 2. Completion of Blanks ........................................................................................................................................................................... 26 3. Incomplete and Undelivered Instruments .................................................................................................................................. 27 4. Complete but Undelivered Instruments....................................................................................................................................... 28 C. Signature ......................................................................................................................................................................................................... 29 1. Signing in Trade Name ........................................................................................................................................................................ 29 2. Signature of Agent ................................................................................................................................................................................. 29 3. Indorsement by Minor or Corporation ......................................................................................................................................... 30 4. Forgery ....................................................................................................................................................................................................... 30 i D. Consideration ................................................................................................................................................................................................ 36 E. Accommodation Party ............................................................................................................................................................................... 37 F. Negotiation ..................................................................................................................................................................................................... 40 1. Distinguished from Assignment ...................................................................................................................................................... 40 2. Modes of Negotiation ........................................................................................................................................................................... 41 3. Kinds of Indorsements ........................................................................................................................................................................ 41 G. Rights of the Holder .................................................................................................................................................................................... 43 1. Shelter Principle ..................................................................................................................................................................................... 43 2. Holder in Due Course ........................................................................................................................................................................... 44 3. Defenses Against the Holder ............................................................................................................................................................. 48 H. Parties And Their Liabilities ................................................................................................................................................................... 49 1. Maker .......................................................................................................................................................................................................... 49 2. Drawer ....................................................................................................................................................................................................... 51 3. Acceptor .................................................................................................................................................................................................... 53 4. Indorser ..................................................................................................................................................................................................... 53 5. Drawee ......................................................................................................................................................................................................
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