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Dear Experts,

Should letter of credit specify the applicable law?

note: Situation that applicable law does not allow to make payment.

I reviewed few post in this regard in public site.

one group of people say - Applicable law always supersede ''rules'' and that implied meaning[/b] that
the points not covered in ''rules'' will be covered by applicable law.
.
other group say that- LC is a independent undertaking and that any ''Sanction disclaimer and applicable laws''
which prevent payment to beneficiary despite presentation of documents in the LC, should be mentioned
in the LC for beneficiary to decide to proceed with such LC transaction.

Thanks & Regards
Dinesh Kumar.