Ibrahim v Barclays Bank plc and another [2012] EWCA Civ 640, [2012] All ER (D) 25 (Jun)
The general view was that the seller looked to the letter of credit for payment of the price. Thus, when an issuing bank honoured a letter of credit, its payment would discharge the obligation that had given rise to the need for the letter of credit, but it was important to be clear about the scope of the autonomy principle, which did not preclude looking at the terms of the letter of credit to see what it was