The Impact of a Bankruptcy Applicant Bankruptcy on Beneficiary Rights

In the business world, both parties to a transaction and the contract for the purchase and sale of goods seek to have sufficient financial and credit guarantee in return for the obligation of the other party to deliver the goods or provide services or receive the money. The sum of these mutual benefits takes the form of letters of credit and special banking mechanisms. Letter of credit is one of the indirect payment methods, according to which the bank, as a third party, undertakes, under certain conditions specified in the buyer's orders to the bank, to pay a certain amount of money in return for the payment ادی Pay certain documents. The principle of independence is the cornerstone of the law of letters of credit. According to this principle, a letter of credit obligation to pay you issued by the beneficiary or a claim made by the beneficiary is completely separate from other related transactions - the basic transaction between the credit applicant and the beneficiary, and The credit request agreement is between the credit applicant and the credit opener. The parties to a letter of credit transaction in the general sense, especially the credit applicant, may be declared bankrupt. The question that the present dissertation seeks to answer is what effect this bankruptcy may have on the rights of the beneficiary. In this article, after examining the concepts and generalities of letter of credit, the principles governing it, finally,