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Laws Governing Letter of Credit (LC)

It is the Uniform Customs and Practice (UCP) for documentary Credits for International Chamber of Commerce governs the Letters of credit (Metropolitan Waterworks vs. Daway, G.R. No. 160723, July 21, 2004).

Articles 567 to 572 of the Code of Commerce on Letters of Credit are obsolete. However, in the absence of any provision in the Code of Commerce, commercial transaction shall be governed by the usages and customs generally observed. (Sec. 2, Code of Commerce)