porno Chinese Law | China: What is the notable exception to the independence principle?
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What is the notable exception to the independence principle?

(a): In cases where the bank knows of fraud committed by the seller on the underlying contract prior to demand for payment, the bank may refuse the seller’s demand for payment. This exception does not apply if the drawer is not the seller, but rather an innocent third party to the contract, such as an unknowing confirming bank.

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