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ILN Today Post

Attaching debt due under letter of credit

In Taurus Petroleum v State Oil Marketing Co [2015] EWCA Civ 835, the Court of Appeal rejected an appeal striking out a third party debt order made to enforce an arbitration award against State Oil.

The London branch of a French bank had issued letters of credit which contained a promise to make payment in favour of State Oil to a specific account in New York.

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