Study of Subrogation Mostly in Letter of Credit and Other Abstract Obligation Transactions , A

ion principle holds that the obligor on the abstract obligation (the issuer of the credit or the independent guarantee) must pay the beneficiary, notwithstanding the circumstances of the underlying transaction. 6 Importantly, the distinction is not a product of law, for law in this instance follows commercial function. First and foremost, the distinction is… CONTINUE READING