Moeve Trading SAU v Mael Trading FZ LLC (The Harbour Progress) [2026] EWHC 17 (Comm)

Letters of credit as conditional payment - buyer liable where title passed

In The Harbour Progress the High Court confirmed that the documentary letters of credit issued were conditional forms of payment, and that the buyer did not discharge its primary obligation to pay the seller for the goods merely by arranging for their issuance. The seller retained the right to sue for the price notwithstanding the bank's non-payment under the letters of credit.