판결 이유
A demand guarantee is an autonomous instrument, independent of the underlying transaction. The bank must pay on a compliant demand unless there is clear evidence of fraud.
사실관계
Barclays issued demand guarantees to UniCredit. When demands were made, Barclays sought to resist payment, arguing issues with the underlying transaction.
판결 요약
The Court of Appeal confirmed the autonomy principle: a demand guarantee creates an independent obligation, and the issuing bank must pay on a compliant demand. The fraud exception is narrowly construed.
주요 인용문
"The whole commercial purpose of a demand guarantee is that the beneficiary can be paid promptly and without argument."
— Longmore LJ
후속 처리
Applied
Followed in subsequent demand guarantee and letter of credit cases.