| The company A received a credit but it was a overseas acceptance credit with 60days from B/L date condition. So the company shipped the goods on October 25th and on the same day the company processed negotiation through a C bank and present documents to the opening bank. The overseas acceptance bank notified the expiration date as December 23rd. The company A claimed that the maturity date for bill is not based on the U.C.P., but based on the local Bills of Exchange and Promissory Notes Act which doesn't calculate the opening day and so that the December 24 is reasonable.
Case study
1. Terminologies about shipping period
According to the U.C.P.,all the terminologies using "to, until, till, from" in all the shipping related period is including the opening date and a word "after" is excluding the opening date. (The Sub-Article 47(a,b) of U.C.P 500).
So these indications are not sufficient enough to clarify whether to apply the terms to available period, shipping period, document presenting period and bill maturity date. The I.C.C.'s interpretation on this clause is, that it clearly states the clause is only applicable to the shipping period. (I,C.C pub 459 case No.149).
But for the bill maturity date, regardless of UCP, it expresses that if the credit states maturity date as [payment to be made 30days from B/L date], and if the issue date for original B/L is July 1st, the payment should be made on July 30th not on July 31st based on the common sense. (I,C.C pub 459 case No.150~151).
I.C.C interprets that a word "from" should be understood as including the opening date and a word 'after" should be understood as excluding the opening date.
2. Provision about local Bills of Exchange and Promissory Notes Act
According to the local Bills of Exchange and Promissory Notes Act, when deciding the maturity date for bill per day, the opening day is to be non-deductible. So the UCP and
local Bills of Exchange and Promissory Notes Act contradicts, the local Bills of Exchange and Promissory Notes Act should be apply in priority. Although it states "from B/L date" the opening day should be excluded.
3. The definition of B/L date
There is a controversy regarding definition for B/L date. "The date of issuance of B/L" is referring to the issuing date, and "the date of shipment" is referring to a shipping date. But the "B/L date" is unclear. But according to the U.C.P., it states that "All the credits requiring a shipping document should stipulate a certain period to present documents after the shipping is made. (The Sub-Article 43(a) of U.C.P 500). Relating to this provisons, it would be reasonable to interpreted the meaning of "B/L date" as the shipping date.
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47-Date Terminology for Periods of Shipment
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