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| Format: | Artículo científico |
| Language: | en |
| Published: |
Universidad de los Andes
2014
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| Online Access: | https://www.redalyc.org/articulo.oa?id=360033223003 |
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Table of Contents:
- The applicable law for standby letters of credit in the Colombian legal system Camilo Andrés Caicedo Calle Derecho ISP98 UCP 600 guarantees suretyship Applicable law The objective of this research is to determine the law applicable to standby letters of credit in Colombia. Such research seeks to resolve the controversy found when applying uniform international regulations to standby letters of credit in local transactions. In order to accomplish this objective, I begin this paper by first posing the research question, then defining the term “standby letter”, and finally analyzing the applicable law. I conclude that the nature of standby letters of credit is not one of a suretyship, as the Financial Superintendence of Colombia argues, and therefore Colombian regu - lation of suretyships should not be applied to standby letters of credit because they contradict the very essence of this instrument. Rather, I argue that parties should incorporate uniform international regulations, which have been issued specifically to govern this instrument. 2014 artículo científico 1909-7794 https://www.redalyc.org/articulo.oa?id=360033223003 en http://www.redalyc.org/revista.oa?id=3600 Revista de Derecho Privado application/pdf Universidad de los Andes Revista de Derecho Privado (Colombia) Num.52