TRANSFER, ASSIGNMENT AND PLEDGE OF BANK GUARANTEES

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SHAHBAZI NIA M.

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: MODARRES HUMAN SCIENCES Year:2007 | Volume:11 | Issue:2 (TOME 51) Page(s): 107-126

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Information Journal Paper

Title

TRANSFER, ASSIGNMENT AND PLEDGE OF BANK GUARANTEES

Author(s)

SHAHBAZI NIA M. | Issue Writer Certificate

Keywords

BANK GUARANTEESQ3

ASSIGNMENT OF RIGHTSQ3

TRANSFER OF GUARANTEEQ3

PLEDGE OF PROCEEDSQ3

BENEFICIARY'S RIGHTQ3

CALL OF GUARANTEEQ3

Abstract

It is recognized that, as a general rule, the beneficiary can assign his rights pursuant to the guarantee to a third party, with or without a specific stipulation to this effect. This rule is also endorsed in article 4 of URDG and article 10 of UNCITRAL Convention. It is expressly noted that assignment of the rights of the guarantee means assignment of the proceeds only, and that the assignee cannot call the guarantee without the cooperation of the beneficiary. This is only different if the guarantee contains explicit provisions to the control. Such a stipulation would be extremely dangerous for the account party, since it virtually turns the guarantee into a negotiable instrument and the risk of a call, including a fraudulent call, will increase significantly.Unless otherwise stated in the guarantee, the beneficiary is not entitled to transfer the guarantee in the sense that the transferee is able to call the guarantee independent from and without the cooperation of the beneficiary/transferor or in the sense that the transferee is entitled to request the issue of a second guarantee in his favor. The beneficiary s right to the proceeds of the guarantee upon a valid call is ordinarily also capable of being pledged, but this depends on the law that governs the guarantee. The approach of Iranian law to this matter is discussed in this article.

Cites

DEBT MORTGAGE IN IRANIAN LEGAL SYSTEM

References

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APA: Copy

SHAHBAZI NIA, M.. (2007). TRANSFER, ASSIGNMENT AND PLEDGE OF BANK GUARANTEES. MODARRES HUMAN SCIENCES, 11(2 (TOME 51)), 107-126. SID. https://sid.ir/paper/6815/en

Vancouver: Copy

SHAHBAZI NIA M.. TRANSFER, ASSIGNMENT AND PLEDGE OF BANK GUARANTEES. MODARRES HUMAN SCIENCES[Internet]. 2007;11(2 (TOME 51)):107-126. Available from: https://sid.ir/paper/6815/en

IEEE: Copy

M. SHAHBAZI NIA, “TRANSFER, ASSIGNMENT AND PLEDGE OF BANK GUARANTEES,” MODARRES HUMAN SCIENCES, vol. 11, no. 2 (TOME 51), pp. 107–126, 2007, [Online]. Available: https://sid.ir/paper/6815/en

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