Exceptions to the Principle of Autonomy of Letter of Credit (Critique of Verdict No. 9609970227400371 Issued by Fourteenth Branch of the Tehran Civil Court)

Critique of judicial Sentences is valuable because it affects the thinking and interpretation of other judges and jurists on similar issues and will also enrich the scientific opinions. This case is a branch of the criminal case known as the embezzlement of three trillion, which is both innovative in form and very important in substance. The main focus of this study is the effect of fraud and illegality in basic relationships on documentary credit. In this case, the court explained the principle of the independence of documentary credit and explicitly accepted, in addition to the exception of fraud, for the first time in Iranian judicial practice, another exception called illegality. The Honorable Judge has also, in good faith, granted immunity to third parties against these exceptions and has supported them, in that the position of the Iranian legal system is on a par with that of the United States legal system.