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Standard Chartered Bank v. Dorchester LNG, The Erin Schulte

In a judgment handed down today, the Admiralty Court (Teare J) considered the requirements for becoming the lawful holder of a bill of lading under COGSA 1992, and in particular whether a confirming bank under a letter of credit becomes the lawful holder of a bill indorsed and sent to the bank as part of a presentation, before the bank has made payment under the letter of credit. Teare J held that the claimant bank became the holder of the bill, and had vested in it all rights of suit under the contract of carriage, as soon as it accepted physical delivery of the duly indorsed bill, regardless of when payment was made under the letter of credit. The judgment also considered "spent bills" provisions of COGSA 1992.

Michael Tselentis QC and Socrates Papadopoulos represented the successful Claimant.

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