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TITLE Supreme Court Decision 2012Da113438 Decided May 29, 2014【Loan, etc.】 [full Text]
Summary
Where L/C requires a clean on board ocean B/L, and the presented B/L does not contain an explicit statement or addendum of defective condition of goods or packaging but states only that goods are on-board, whether the element of “clean on board shipping” can be deemed as met (affirmative); If L/C issuing bank gives to a presenter a notice of refusal to honor, stating only “charter B/L presented” as reason even though L/C neither requires nor allows the presentation of charter B/L, whether it constitutes a notice of refusal to honor in compliance with Article 16(c) of the UCP 600 (affirmative)
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