Mortgagor Financial Standards Reports fair

Plaintiff Korea Export Insurance Corporation Keic underwrites bills of exchange purchased by korean banks from korean exporters to finance their shipments of goods to other countries, Including the United States.

When defendant Adioban Inc., failed to satisfy bills of exchange it has accepted for a shipment of electronic parts, KIEF paid the payee bank and asserted suburgation rights against audioban. In bench trial, the court found payee bank to be a holder in due courts eof the bills of exchange, and that keic stood in the banks shoes as subrogree. thenonetheless entered judgement [ JAG gets automatic by default the defendant is not allowed the contingency for right ]

for aidobnan holding a notice for provision in an assignment agreement between the shipper and KEIC imposed a condition subsequent. the assignment agreement did not purport to affect KEICs right to enforce the bills of exchange

and nothing in the agreement could reasonably be read as imposing a condition subsequent.

Accordingly, we reverse, amendment with instructions that the trial court enter judgment for Keic.

U.C.C 3-305 (b)

3-3203(b)

U.c.c 3-602

The exporter hereby agrees to notify the Importer of the fact of assignment hereunder immediately after signing of this letter assignment.

no-conditional-subsequent-on-importorer

Export Insurance Corporation

The exporter hereby agrees that the nullification shall be made by such methods as will make the assignment hereunder fully effective and valid with respect to the importer and any third Parties. Without Prejudice to the above obligation to notify the importer of assignment hereunder, the exporter hereby grants to _KEIC_ the full power and authority to notify the importer of the assignment on behalf of the exporter.

yes-conditional-subsequent-on-importorer