List of Articles Fatemeh Behnam

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  1 - Legal Investigation on Effects of Abstract Payment Undertakings
  Fatemeh Behnam
  Abstract payment undertaking is a form of unilateral legal act that upon formation creates mandatory undertaking on the issuing party and as far as the issuing party has not paid the certified fund to the beneficiary, he shall have no right vis-à-vis the beneficiary. Co More

  Abstract payment undertaking is a form of unilateral legal act that upon formation creates mandatory undertaking on the issuing party and as far as the issuing party has not paid the certified fund to the beneficiary, he shall have no right vis-à-vis the beneficiary. Commitment to verification of documents, commitment to precision and good faith, commitment to informing the beneficiary about non-conforming cases and commitment to paying issuing party’s undertakings against beneficiary as well as rights resulting from violation of soundness, exactness, genuineness of instruments, and lack of committing fraud on one side, and the rights coming from subrogation in payment on the other side, are among the rights generated after payment of the certified fund by the issuing party with regards to beneficiary. As far as the beneficiary is yet to receive the certified fund, he shall have no undertaking toward the issuing party or the secondary bank. It is clear that after presentation of documents and payment of the fund by the beneficiary, the above-mentioned undertakings shall be attributed to him. Manuscript profile