Fraud such as to entitle a banker to refuse to pay under a letter of credit notwithstanding the strict general rule requiring payment when the documents were in order on their face, did not extend to fraud to which the seller or beneficiary was not party.

HL (Lord Diplock, Lord Russell of Killowen, Lord Fraser of Tullybelton, Lord Scarman, Lord Bridge of Harwich)

20/05/1982