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Assignment and Documentary Credits

The purpose of this article is to examine the role and nature of assignment in documentary credits in the light of recent developments. In particular, it considers the extent to which third parties, as assignees, are or should be able to rely upon the documentary credit as a source of payment. By way of introduction, we consider the nature of assignment and the main features of the documentary credit before examining its part in the financing of international trade transactions in order to understand the role of assignment therein.