THE “ABSTRACTION PRINCIPLE” IN IRANIAN LAW, EMPHASIZING ON JURISPRUDENCE

Document Type : Research Paper

Authors

1 Associate Professor, Private and Islamic Law Department, University of Tehran

2 PhD Student in Private Law,University of Tehran

Abstract

“Abstraction principle” means separation between two obligations in
commercial instruments: underlying obligation and documentary obligation
that created by drawing these documents. The main effect of this principle is
that objections related to first obligation, cannot be claim in second; where
there is a third party. To obtain a real and comprehensive perspective of this
principle in Iranian law, we must discuss both principle and his exceptions in
Acts and jurisprudence. Iranian commercial act indirectly confirmed basis of
this principle. Iranian jurisprudence also undoubtedly accepted this principle
and applies it between responsible and third party beneficiary of commercial
instrument.

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