Evaluarea executorialităţii scrisorii de garanţie bancară//Assessment of the enforceability of the bank guarantee letter

Abstract

The issue of determining the enforceability of the letter of bank guarantee has recently been raised in judicial practice. The classification of the bank guarantee letter as a credit instrument belonging to the family of the bank credit by signature leads to the conclusion that the credit operation by issuing the letter of bank guarantee is governed by the rules of the special law of the bank credit agreement, respectively by the legal provisions governing the conclusion and effects of this contract, as well as the consequences of non compliance with contractual obligations, including those regarding the forced execution of the contract in case of non repayment by the client of the loan. The basic principle governing bank guarantees is the separation of the obligation of the bank issuing the letter of guarantee from the fundamental contract. The limits of the bank's commitment autonomy are established by law: the bank cannot be held liable in case of abuse or obvious fraud. The opinion we formulate following the research undertaken is in the sense of retaining the enforceable nature of the letters of bank guarantee.

Keywords

• letter of bank guarantee
• enforceability
• ordering client
• credit repayment