Assistant Professor Dr. Rahim Obaid Attia, a Private Law Department coordinator at our college, participated in a doctoral dissertation committee on “The Requirement of Documentary Credit for Commercial Settlement: A Comparative Study,” presented by Private Law student Saif Munir Abbas.
The study aimed to understand the basis and legal nature of the requirement to open a documentary credit. Despite the prevalence and popularity of this requirement in commercial transactions, it has not received legislative regulation that clarifies its nature, concept, and legal interpretation.
The study reached several conclusions, most notably that Iraqi legislators, as well as Egyptian and French legislators, did not regulate the provisions for requiring documentary credit. Furthermore, there is no legislative text that clarifies the methods for paying the amount of institutional credit. The legal nature of the settlement requirement has not been defined, leading legal jurisprudence to propose several opinions regarding its definition.
Department of Media and Government Communication
College of Law – University of Karbala
