Paying organization appealed to arbitration court

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Uploaded: 10.12.2018
Content: S18-354.docx 12,5 kB

Product description

The paying organization appealed to the arbitration court with a claim to the payee, the issuing bank and the performing bank for the recovery of the sums paid to the payee from the letter of credit opened for him. In this case, the plaintiff referred to the previously adopted court decision, according to which the contract of purchase and sale between the payer and the recipient of the funds was invalidated by the court.
The arbitration court satisfied the stated requirements at the expense of the issuing bank, denying the claim to the payee and the performing bank. At the same time, the court proceeded from the fact that in this case the general provisions on the consequences of the invalidity of transactions are applicable (Article 167 of the Civil Code of the Russian Federation). Since the order to open a letter of credit was given to the bank by an invalid transaction, the bank was obliged to return everything he received, namely, the amount debited from the payer´s account as a cover of the letter of credit.
However, the court did not take into account the requirements of paragraph 2 of Article 167 of the Civil Code of the Russian Federation, according to which, if a transaction is invalid, each of the parties is obliged to return the other everything received in the transaction. The parties to an invalid transaction were the payer (claimant) and the payee.
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