The letter of credit – is it an enforceable instrument?
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Keywords

letter of credit
enforceable instrument
underlying contract
credit contract scrisoarea de garanție
titlu executoriu
contract de bază
contract de credit

Abstract

My 'opinion' or, if I may call it so, research begins with a few introductory remarks. It continues with a second section, where the reader may notice a kind of dialogue between APIA and First Investment Bank AD; the two entities discussed whether the Romanian Supreme Court should be asked a question: is the letter of credit an enforceable legal instrument? The third section points out that a lower Romanian court decided that the High Court must intervene, and answer said question. In the fourth section, I try to establish if art. 120 of the Romanian Government’s Ordinance no. 99/2006 applies to a letter of credit. In the fifth one, I highlight that art. 120 of Ordinance no. 99/2006 may be applied to a letter of credit, but only if the underlying contract is a credit contract. The sixth section shows what R

https://doi.org/10.24193/SUBBiur.66(2021).1.5
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