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| TITLE | Supreme Court Decision 2017Da218895 Decided July 8, 2021 【Insurance Money】 [full Text] |
|---|---|
| Summary | |
| 【Main Issues and Holdings】 [1] Method of determining and interpreting the meaning of the details of a foreign statute to be applied to legal relations involving foreign elements In a case where it is impossible to verify the details of a foreign statute due to either defects in the law or absence of materials corroborating the existence thereof, the source of law to be additionally applied [2] Significance and characteristics of a first demand bank guarantee In a case involving a first demand bank guarantee, whether the guarantor examines only whether a demand for payment and attached documents submitted by the beneficiary correspond, on their face, to conditions of guarantee determined in a letter of guarantee and determines whether to make payment of the guaranteed money based thereon (affirmative in principle) [3] Requirements for being recognized as a lawful demand for payment of the guaranteed money as parties have failed to reach agreement on extension of the expiry date of a demand for extend or pay under Article 26 of the Uniform Rules for Demand Guarantees In a case involving a first demand bank guarantee to which the above rules apply, where although the expression “simple demand” is written as a requirement for filing a demand for payment of the guaranteed money, the application of Article 20 of the above rules is neither precluded nor restricted, whether the requirements for a demand for payment outlined in Article 20 of the Uniform Rules for Demand Guarantees should be satisfied (affirmative) | |
