Supreme Court · 2011 INSC 592 · Decided 18 August 2011
State Bank of India and ANR. v. M/S. Emmsons International LTD. and ANR.
- Court
- Supreme Court of India
- Citation
- 2011 INSC 592 · [2011] 10 S.C.R. 436
- Case number
- CIVIL APPEAL No. 1709/2007
- Decided
- 18 August 2011
- Bench
- AFTAB ALAM, RAJENDRA MAL LODHA (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- CPC Section 96
Headnote
Bank/Banking: Letter of credit - Held:. Where the customer of bank instructs the bank to open a credit, the bank C acts at its peril if it departs from the precise terms of the mandate - A contract is concluded between the issuing bank and the seller no sooner the bank issues the credit seller - Under an irrevocable credit, the issuing bank gives an unequivocal and binding D undertaking to the seller that it will pay against documents! bills drawn in compliance with the terms of credit - A draft with accompanying documents must be in strict accord with the letter of credit -
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