Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

THE HONG KONG AND SHANGHAI BANKING CORPORATION v. KLOECKNER & CO. A.G.

[1989] 2 Lloyd's Rep. 323

QUEEN’S BENCH DIVISION(COMMERCIAL COURT)

Before Mr. Justice Hirst

Banking - Letter of credit - Right of set-off - Defendants undertook to pay bank against delivery of bills of lading - Bank claimed balance of payment under undertaking - Defendants counterclaimed under letter of credit - Whether defendents could exercise right of set-off against claim under letter of credit - Whether a party could contract out of his right of set-off.

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