• Korea Trade Review
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• v.47 no.5
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• pp.115-128
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• 2022

This paper reviewed "unconscionability" as an exception to the independence principle of bank guarantees. Apart from fraud which has been recognized in most international jurisdictions, Uuconscionability would also be recognized as the exception to the legal principle, the so-called "fraud rule" or "an abuse of rights." Unconscionability exception is applied in the same manner as fraud and other exceptions to the principle of independence. The exception should allow guarantor to dishonor the drawings that abuse the independence principle. However, outright or manifest facts of the unconscionability must be established in order to apply the exception. Lots of arguments or conflicts may be caused in applying the unconscionability exception. Therefore, this study aims to prevent institutional abuses or to reduce the disputes from setting up the legitimate scope and standard for application of the exception by reviewing these procedural issues and problems under bank guarantee transactions. This paper also suggested practical implications and countermeasures for the institutional application.

• Journal of Arbitration Studies
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• v.19 no.3
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• pp.179-198
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• 2009

This paper aims at assessing reasonableness for restraining the independence principle in the operation of documentary credit in case of the illegality appeared in the underlying transactions. It has been a major rule under the independence principle to keep the credit operation free from the defences made by the issuing bank and/or credit applicant with a view to prevent the payment as specified under the credit. And also, it is generally accepted in the international commercial community to examine a presentation to determine, on the basis of the document alone, whether or not the documents appear on their face to constitute a complying presentation. Even though these two essences are major rules in the credit operation, if a presentation is made with the documents forged or materially fraudulent, the issuing bank can refuse to pay the documents in respect of fraud rule based on fraud exception for which a court of appropriate jurisdiction would enjoin such honour. Now we have newly come to another situation to determine whether or not we have to apply the same as fraud rule which is applicable to the illegality in the underlying contract under the new conception of illegality principle based on illegality exception. English Commercial Court handled the illegality case under the case of Mahonia Ltd., v. JP Morgan Chase Bank in 2003 and Justice Colman decided that issuing bank can rely on illegality affecting a letter of credit as an excuse for failure to pay. This judgement brought about the acceptance of illegality principle based on illegality exception as a defence to payment under a letter of credit as far as the illegality concerned in the underlying transactions. It is noticeable that this case will affect our international commercial community more to rely on the illegality in the underlying transactions as a good issue to stop payment for the issuing bank in the L/C operation.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.34
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• pp.55-74
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• 2007

The documentary credit has been functioning as an indispensable tool for making international commercial transactions safer throughout the world since ICC adopted the second revision of the Uniform Customs and Practices for Commercial Documentary Credits in 1962. Letter of Credit transaction should be cleared by the principle of the trust and integrity and vile partners sometimes make a fraud on the L/C by the misinterpretation of the documents. As there is no rule but no exception, exception from application of these principles is allowed. The fraud exception nile constitutes contracting out an application of basic principles, this rule should apply restrictively and in many authorities a court does not apply this rule to nominated bank, confirming bank, and bona fide holder of draft even if fraud is involved in L/C transactions. If not, we lose a lot of benefits from the credit as valuable commercial device through reservation of these principles to take a few benefits. So, We need to recognize that the fraud exception rule should be applied restrictively. Therefore, this study reviewed condition of application and exception from application of fraud exception rule in view of Cardozo's opinion, the Sztejn court, and UCC Sections-114(2).

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.36
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• pp.29-46
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• 2007

The fraud exception rule allows for the issuing bank to dishonor the claim if it the documents and transactions bear fraud though the documents presented are complied with the terms and conditions of the letter of credit. A question arises whether the fraud exception rule can apply to innocent beneficiary when fraud is made by 3rd party. United City Merchants v. Royal Bank of Canada showed a good example how to handle in case of innocent beneficiary. At this case House of Lord found that innocent beneficiary deserves payment applying nullity exception rule. I believe that the nullity exception rule is employed for the benefit of innocent beneficiary as far as the issuer and applicant get no actual damage by the 3rd party's fraudulent action which is shown on documents.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.97-107
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• 2021

Nowadays, with the constant enhancement in the health of the economy, the average income and living standard have accordingly increased, making the need for financial independence a favorable choice. This research aims to identify the factors affecting the financial independence of young people. The authors implement quantitative analysis, with a set of primary data collected from a survey of 2664 Vietnamese people aged from 18 to 28. The research results demonstrate the considerable impact of monetary, psychological, group-related, and family-related factors on the financial independence of young people. The results of the sample analysis provide adequate evidence to reject the correlative relationship between family and group factors and the financial independence of young people. In addition, there are 3 factors, including demographic factors, monetary factors, and psychological factors, all have varying degrees and directions of influence on young people's financial independence. Most of the mentioned variables reflect a positive effect on financial independence. The only exception is the education variable, illustrated by its negative standardized beta value. A significant difference in financial independence between genders also is reported, suggesting that males seem to have a higher level of financial independence than females.

• Korean Journal of Child Studies
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• v.29 no.5
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• pp.113-131
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• 2008

This study examined mothers' ratings of everyday rules for their young children. Participants were 294 mothers of 2- to 5-year-old children attending kindergartens and nursery schools in Korea. Data were collected by questionnaire and were analyzed by $x^2$. Results indicated that the majority of mothers' rules for their children pertained to safety, interpersonal issues, and as children got older, social conventions. Mothers endorsed prudential justifications for safety and self-care, moral justifications for interpersonal rules, practical and moral justifications for safeguarding property, and conventional justifications for obedience/order and food/mealtime routines. Analyses of mothers' judgments of rule independence indicated that rules on interpersonal and safety issues were to be kept without exception.

• Journal of Arbitration Studies
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• v.8 no.1
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• pp.323-352
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• 1998

Documentary letters of credit including standby letters of credit are governed by the independence or abstraction rule and the doctrine of strict compliance. Since the former rule requires the issuing bank to honor the drafts regardless of the defective performance of the underlying contract, the applicant(the customer) will be without a remedy if he is unable to make himself whole by litigation on the underlying contract. Therefore, the applicant is exposed to a risk much higher than in the commercial letters of credit. The Uniform Customs and Practice for Documentary Credit(UCP) has no provisions allowing legal relief for the applicant on the abuse of L/C by unscrupulous beneficiary, but UCC ${\S}5-114$ has provision allowing injunctive relief for the applicant. In this paper, I attempted to clarify certain standards of injunctive relief available for the customer in the credit. When there is fraud in the L/C transaction by any of the parties concerned, we must weigh the principle of independence or abstraction and the fraud rules. According to banking practice and judicial precedence, we need not keep the principle of independence and abstaction even in fraudulent transaction and the bona fide sufferer must be protected. The purpose of this paper is to review the studies of Fraud rule and the Injunction and to suggest the applicable standards for the Injunction therory under letters of credit. Specially this paper analysed the following ; (1) the guideline for the fraud (exception) rule to the autonomy principle, (2) the appilcable standards of the Injunction, and (3) the implications on parties concerned in letters of credit transaction. Conclusively, the Injunction should be granted if (1) there is clear proof of fraud (2) the fraud constitutes fraudulent abuse if the independent purpose of L/C (3) irreparble injury might follow if injunction is not granted or the recovery of damages would be seriously endangered.

• The Journal of Internal Korean Medicine
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• v.40 no.4
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• pp.675-696
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• 2019

Objective: This study was aimed at evaluating the effect and clarifying the treatment period of Korean medicine treatment for cerebral infarction. Method: This study was carried out on patients with hemiplegia who were hospitalized in the Department of Korean Internal Medicine of Jecheon Korean Medicine Hospital of Semyung University from June 2014 to May 2019. A retrospective study was performed on 253 patients who were diagnosed with cerebral infarction by brain CT or nuclear magnetic resonance imaging. Results and Conclusion: 1. Korean medicine treatment has a significant effect on improving the movement disorder and daily life independence of cerebral infarction. 2. In the group that started Korean medical treatment within one month after the onset of cerebral infarction, with the exception of MMSE-K, the indicators related to the movement disorder and daily life independence showed significant effect. 3. MMSE-K showed no statistically significant change in any of the patient groups. 4. Within three months after the onset date, the longer the period of treatment with Korean medicine, the better the symptom improvement of upper extremity movement disorder. 5. The longer the hospital stays, the better the symptom improvement of the lower extremity movement disorder. 6. The combination of Korean and Western medicine did not affect liver or kidney function.

• Journal of Arbitration Studies
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• v.21 no.2
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• pp.133-156
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• 2011

This paper is to analyze the legality in which the fraud rule allow the issuer of L/C or a court to disrupt the payment to the beneficiary under the deferred payment credit when the nominated bank for deferred payment undertaking made prepayment or negotiation before the maturity date and fraud is identified to be involved. Since the function of commercial L/C is to provide absolute assurance of payment to a beneficiary, the fraud rule based on fraud exception has been known as the negative factor which lead to the disruption of "principle of independence & abstraction" under the commercial L/C transactions. As a result, the fraud rule is necessary to limit the activities of fraudsters, but its scope must be carefully circumscribed so as not to deny commercial utility to an instrument that exists to serve as an assurance of payment. But the fraud itself has not been firmly established because it is inherently pliable in its concept. There are numerous contents to describe the application of fraud to the L/C transactions as a standard such as egregious fraud, intentional fraud, L/C fraud(omitted here), flexible fraud, and constructive fraud. And so the standard applicable to the commercial transaction as the fraud rule would be high or low depending upon the various standards of fraud.

• Journal of the Korean Society for Library and Information Science
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• v.51 no.1
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• pp.103-124
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• 2017

Korea and Japan have been influenced by one another through various points in their respective histories. During ancient times and throughout the Middle Ages, many aspects of culture and modern civilisation were conveyed from China to Japan via Korea. This trend changed in the second half of the $19^{th}$ century, as Japan opened its ports to foreign trade, completely reforming its own society before Korea followed suit. The aspects of modern civilisation and culture were thus subsequently conveyed to Korea from Japan. Not unlike Western cultures of the time, Japan also engaged in a pursuit of imperialism that resulted in its subjugation of Korea during the Japanese occupation. After Korea regained its independence following the Second World War, Koreans rebuilt their country largely on the basis of the social system Japan had left behind. 70 years later, differences from the Japanese model may nevertheless be observed in various areas. Library legislation is no exception. This paper provides a comparison of Korean and Japanese library laws. The comparison and consideration of the enactment and revision processes of library legislation of both countries reveals how differences in legislation developed and provides an analysis of the implementation of these differences.