备用信用证的起源之谜是主流法学界经常忽略的一个问题。传统的观点认为备用信用证是银行为了规避“银行不得提供担保”原则而发明的。笔者认为这一理论的致命缺陷在于没有回答一个最基础也是最重要的问题——既然银行不能提供担保，何以银行可以提供比担保风险更大的备用信用证？通过对大量历史文献的查阅和分析，笔者提出了一个和传统主流观点截然不同的观点——不管是法院还是银行监管机构，美国的权力部门从来没有否认过备用信用证的合法性问题，这才是备用信用证起源的真正奥秘。“银行不得提供担保”原则早已经名存实亡，根本不是备用信用证起源和发展的障碍；而且备用信用证本来就是银行的一项隐含附属权利。事实上，在信用证产生之初，银行就曾以信用证为载体从事担保业务。在19 世纪早期的资料中可以发现大量这样的例子。Harfield 教授就说过“任何一种信用证，包括那些方便货物买卖的传统的商业信用证其实都有一定的担保功能，而且在信用证发展的早期，有些信用证其实就是担保。”
因此备用信用证在美国有着悠久的历史和传统，并与银行的营业紧密联系在一起的，而且没有任何的法律明确禁止过备用信用证。正因为这点，《统一商法典》将信用证的“单据”范围规定的很宽，从而将备用信用证纳入了信用证的框架。
备用信用证是传统的商业信用证在新时代、新环境下的变体。它结合了信用证的形式和担保的功能，其具有的商业价值是毋庸置疑的。正因为如此，备用信用证在诞生后获得了广泛的应用并于二十世纪六、七十年代获得爆发性的增长。于此同时，备用信用证也产生了严重的风险并引起了美国立法界、司法界、银行监管部门和学界的广泛注意，在产生之初其合法性也遭到过质疑。然而，备用信用证的起源和发展并没有遭受到过大的阻力。这一方面是因为备用信用证是从信用证的框架中衍生出来的，属于银行的一项隐含的附属权利，同时“银行不得提供担保”原则随着银行业的发展也变得越来越不合时宜，法院发展出的针对该原则的例外逐渐吞噬了这个原则本身，且这个原则的内核“越权无效”也早已死亡。法院从来没有认真遵照这个原则。法院发明的“第一位和第二位付款义务”区分备用信用证和担保的标准其实并没有任何实际的意义。另一方面也是因为银行业的自律和美国的整个金融调控指导思想的转变。美国的权力部门并不是不知道备用信用证的风险，但是对备用信用证却一直抱着默认和宽容的态度。及至 1973 年，USNB事件爆发，成为了国会对备用信用证大讨论的直接导火索。虽然国会内的保守派对备用信用证做了大量的批评及质疑，并要求对备用信用证进行严苛的监督和规制。
但是以三大银行监管机构为代表的银行自由派仍然抵受住了压力，保存了这一新兴的金融工具，并坚持认为备用信用证的风险应主要由银行自身来解决。事实上，银行自身已经从几个方面来调控备用信用证的风险：1、备用信用证的有效期分为若干期，每期结束后，由银行自己决定是否续约。比如备用信用证承保的大型的建筑合同一般都有 3-4 年的期限，备用信用证也就分为 3-4 期，一年一订。一旦银行发现申请人的信用出现问题，则可以拒绝续订备用信用证，从而减少损失。2、除了要求申请人提供抵押品外，银行通常还有其他方式保证申请人偿款，比如：要求申请人预存资金；从申请人的存款账户扣款；将申请人未付清的欠款算作贷款并征收比普通贷款更高的利息。3、银行合作，共担风险共享收益。开出备用信用证的银行会将备用信用证的一部分账面金额出售给另外一家银行，如果申请人不能偿款，则两家银行共同承担损失。4、银行自己逐步为开立备用信用证设出上限，而且证券市场也会慢慢地限制备用信用证的增长。因为备用信用证支撑的证券是作为银行的保证义务在市场上交易的，过度开立备用信用证将会降低银行保证的价值以及证券的价格。另一方面，美国的金融管控思路在二战后也发生了转变，随着二战后经济的繁荣和金融业监管手段的进步，美国管控金融业的思路由大萧条时期的风险规避意识逐渐的转为满足金融业的合法利益，积极的响应金融业和整个经济发展的需求。这些都是备用信用证合法化的原因及背景。
参考文献一、 着作类
[1] 贺绍奇着：《国际金融担保法律理论与实务》，人民法院出版社，2001 年版
[2] Mikesell, Foreign Exchange In The Postwar World, published by The Twentieth Century Fund (1955)
[3] Chessen, Standby Letters of Credit, ECON. OUTLOOK 13 (Nov. 1985)
[4] L. Simpson, Handbook Of The Law Of Contracts published by Gale Ecco, (2d ed.1965)
[5] J. White & R. Summers, Handbook Of The Law Under The Uniform Commercial Code 6 (1972).
[6] Michie, Banks And Banking 3 (perm. ed. 1931)
[7] Sprague, History of Banks in 3 ENCYC. BRIT. 67 (14th ed. 1936)
[8] Willis & Edwards, Banking and Business, published by Kessinger Publishing(1922)
[9] Henn, Corporations §184 (2nd ed. 1970); TEX. BUS. CORP. ACT. ANN. art. 204(Version 1956)
[10] 2 J. Morse, A Treatise On The Law Of Banks And Banking 1488 (6th ed. 1928)
[11] Ward & Harfield, Bank Credits And Acceptances (4th ed. 1958)
二、 论文类
[1] Paul R. Verkuil, Bank Solvency and Guaranty Letters of Credit, 25 Stan. L. Rve.716 (May 1973)
[2] H.J. van der Vaart, Standby Letters of Credit and the Problem of Bad Faith Calls,8 Yale J. World Pub. Ord. 36, 1981-1982
[3] Henry d. Gabriel, standby letters of credit: does the risk outweigh the benefits,Colum. Bus. L. Rev. 705, 1988
[4] Barbara Bennett, off balance sheet risk in banking: the case of standby letter of credit, Federal Reserve Bank of San Francisco: Winter 1986 Economic Review Number 1
[5] Ellinger, Standby Letters of Credit, 6 INT'L Bus. LAW, 604 (1978)
[6] E.P. Ellinger, Uses of Letters of Credit and Bank Guarantees in the Insurance Industry, 6 Int'l Bus. Law. 604, 1978
[7] Paul R. Verkuil, Bank Solvency And Standby Letters Of credit: Lessons From The USNB Failure, 53 Tul. L. Rev. 314, 1978-1979
[8] Melvin R. Katskee, The Standby Letter Of Credit Debate The Case For Congressional Resolution, 92 Banking L.J. 697, 1975
[9] H.J. van der Vaart, Standby Letters of Credit and the Problem of Bad Faith Calls,8 Yale J. World Pub. Ord. 36，1981-1982
[10] Kris S. Dighe, Standby Letters of Credit During Bank Insolvency: Are They FDIC-Insured Deposits? Preview U.S. Sup. Ct. Cas. 253, 1985-1986
[11] J. Albert Mcdonald, Understanding the Risks in Standby Letters of Credit, 1 Com. Lending Rev. 34, 1985-1986
[12] Bernard S. Wheble, "Problem Children"--Standby Letters Of Credit And Simple First Demand Guarantees, 24 Ariz. L. Rev. 301, 1982
[13] Jack B. Justice, Letters Of Credit: Expectations And Frustrations, 94 Banking L.J.424, 1977
[14] 高祥，《论国内独立保函与备用信用证在我国的法律地位——兼评最高人民法院独立保函司法解释征求意见稿》，《比较法学研究》，2014 年第 6 期
[15] The Role of Standby Letters of Credit in International Commerce: Reflections After Iran, 20 Va. J. Int'l L. 459，1979-1980
[16] Egon Guttman, Bank Guarantees And Standby Letters Of Credit: Moving Toward A Uniform Approach, 56 Brook. L. Rev. 167, 1990-1991
[17] Harfiled, Recent Extensions In The Use Of Commercial Letters Of Credit, 66 Yale L.J. 902, 1956-1957
[18] The Standby Letter Of Credit: Valuable But Still Uncertain Instrument In International Business Transactions, 2 Hous. J. Int'l L. 167, 1979-1980
[19] Cassondra E. Joseph, Letters Of Credit: The Developing Concepts And Financing Functions, 94 Banking L.J. 816, 1977
[20] John F. Battaile, Guaranty Letters of Credit: Problems and Possibilities, 16 Ariz.L. Rev. 822, 1974
[21] Boris Kozolchyk, The Emerging Law Of Standby Letters Of Credit And Bank Guarantees, 24 Ariz. L. Rev. 319, 1982
[22] Alan W. Armstrong, The Letter Of Credit As A Lending Device In A Tight Money Market, 22 Bus. Law. 1105, 1966-1967
[23] Survey of Standby Letters of Credit, 65 Fed. Res. Bull. 716, 1979
[24] Jim L. Banks, The Standby Letter Of Credit: What It Is And How To Use It, 45 Mont. L. Rev. 71, 1984
[25] George Weisz&Jonathan L Blackman, Standby Letters Of Credit After Iran:Remedies Of The Account Party, U. Ill. L. Rev. 355, 1982
[26] John F. Battaile, Guaranty Letters of Credit: Problems and Possibilities, 16 Ariz.L. Rev. 822, 1974
[27] Harfield, The Standby Letter of Credit Debate, 94 Banking L.J. 298，1977
[28] Standby Letters of Credit-True Letters of Credit or Guaranties: Republic National Bank v. Northwest National Bank, 33 Sw. L.J. 1301, 1979-1980
[29] Boris Kozolchyk, The Legal Nature of the Irrevocable Commercial Letter of Credit, The American Journal of Comparative Law, Vol. 14, No. 3 (Summer,1965)
[30] Rufus J. Trimble, The Implied Power Of National Banks To Issue Letters Of Credit And Accept Bills, 58 Yale L. J. 713, 1948-1949
[31] Arnold & Bransilver, The Standby Letter of Credit The Controversy Continues, 10U.C.C. L.J. 272
[32] Richard A. Lord, The No-Guaranty Rule And The Standby Letter Of Credit Controversy, 96 Banking L.J. 46，1979
[33] The National Bank Act And Foreign Trade Practices, 61 Harv. L. Rev. 782, 1947-1948
[34] Morgan, "The History and Economics of Suretyship" (Pts. 1-2), 12 Cornell L.Q.153，1926-1927
[35] Charles E. Carpenter, Should The Doctrine Of Ultra Vires Be Discarded? 33 Yale L.J. 49, 1923-1924
[36] Wiley, How to Use Letters of Credit in Financing the Sale of Goods, 20 Bus.LAW. 495，1965
[37] The Law Merchant And The Letter Of Credit, 61 Harv. L. Rev. 981, 1947-1948
[38] Read, Origin of Bills of Exchange, 4 CAN. B. Rev. 440，1926
[39] A.C. Epps And R. Harvey Chappell, Jr, Assimilation Of The Letter Of Credit By The Common Law, 38 Va. L. Rev. 531, 1952
[40] Neidle and Bishop, Commercial Letters of Credit: Effect of Suspension of Issuing Bank, 32 Col. L. REV. 1, 1932
[41] Jarvis, Standby Letters of Credit-Issuers' Subrogation and Assignment Rights—Fart 1, 9 U.C.C. LJ. 356, 1977
[42] Campbell, Guaranties and the Suretyship Phases of Letters of Credit, 85 U. Pa. L.Rev. 175, 261, (1936-1937)
[43] Howard H. Hackley, OUR BAFFLING BANKING SYSTEM, 52 Va. L. Rev.565,1966
[44] Brenton C. Leavitt, The Philosophy Of Financial Regulation, 90 Banking L.J. 632,1973
三、 案例类
[1] Intraworld Indus. v. Girard Trust Bank, 461 Pa. 343
[2] Philadelphia Gear Corp. v. Cent. Bank, 717 F.2d 230
[3] Marino Indus. Corp. v. Chase Manhattan Bank, N.A.，34 U.C.C. Rep. Serv. 637
[4] Insurance Co.of N. Am. v. Heritage Bank, N.A., 595 F.2d87
[5] Flagship Cruises v. New Eng. Merchants Nat'l Bank, 569 F.2d 699
[6] Banco Espanol de Credito v. State St. Bank & Trust Co., 385 F.2d 230
[7] First Arlington Nat'l Bank v. Stathis, 90 Ill.，App. 3d 802
[8] Transamerica Deleval, Inc. v. Citibank, N.A., 545 F. Supp. 200
[9] Shelal Corp. v. American National Insurance Co.，492 F.2d 87
[10] Clendon Thomas, Inc. v. Oklahoma National Bank，361 F. Supp. 501
[11] Barclays Bank D.C.O. v. Mercantil National Bank，481 F.2d 1224
[12] Victory Carriers, Inc. v. United States，467 F.2d 1334
[13] Trans World Airlines, Inc. v. Hughes，515 F.2d 173
[14] Beathard v. Chicago Football Club Inc.，419 F. Supp. 1133
[15] J. Zeevi & Sons v. Grindlay's Bank (Uganda)，37 N.Y. 220
[16] Dynamics Corp. v. Citizens & S. Nat'l Bank, 356 F. Supp. 991
[17] West Va. Housing Dev. Fund v. Sroka, 415 F. Supp. 1107
[18] Weckler v. First Nat. Bk., 42 Md. 581 (1875)
[19] Logan County National Bank v. Townsend，139 U.S. 67
[20] California (National) Bank v. Kennedy, 167 U.S. 362
[21] First Nat. Bk. v. Converse, 200 U.S. 425
[22] Concord First Nat. Bk. v. Hav,'kins, 174 U.S. 364
[23] Curtis v. Leavitt，15 N.Y. 9
[24] Bank of Augusta v. Earle, 13 Pet. 517
[25] Planters' Bank v. Sharp, 6 How. 300
[26] Beaty v. Knowler, 4 Pet. 151
[27] First Nat. Bk. v. Harris, 108 Mass. 514
[28] Bullard v. National Eagle Bank, 18 Wall. 5S9
[29] First Nat. Bk. v. Nat. Exchange Bk., 92 U.S. 122
[30] Weckler v. First Nat. Bk，42 Md. 581
[31] Talmadge v. Pell，7 N.Y. 328
[32] Third Nat. Bk. v. Boyd, 44 Md. 47
[33] State of Nebraska v. First Nat. Bk., 88 Fed. 947
[34] Second Nat. Bk. v. U.S. Fidelity & G. Co., 266 Fed. 489
[35] Clement Nat. Bk. v. Vermont, 231 U.S. 120
[36] Aldrich v. Chemical Nat. Bk., 176 U.S. 618
[37] Western Nat. Bk. v. Armstrong,.152 U.S. 346
[38] Auten v. United States Nat. Bk., 174 U.S. 125
[39] Texas & Pacific Ry. v. Pottorff，291 U.S. 245
[40] In Inland Waterways Corp. v. Young，309 U.S. 517
[41] Arnold Tours, Inc. v. Camp，472 F.2d 427
[42] Border National Bank v. American National Bank，282 F.73
[43] Wichita Eagle and Beacon Publishing Company v. Pacific National Bank of San Francisco，493 F.2d 1285
[44] Western Petroleum Co. v. First Bank Aberdeen，367 N.W.2d 773
[45] Helvering v. Wilshire Oil Co., 308 U.S. 90
[46] Bowen v. Needles National Bank, 94 F. 925
[47] Talman v. Rochester City Bank，18 Barb. 123
[48] Bank of Genesee v. Patchin Bank，13 N.Y. 309
[49] American Surety Co. v. Philippine National Bank，245 N.Y. 116
[50] Douglas v.Reynolds, Byrne & Co.，7 Pet. 113
[51] Awotin v. Atlas Exch. Nat'l Bank, 295 U.S. 209
[52] Republic Nat'l Bank v. Northwest Nat'l Bank，578 S.W.2d 109
[53] Republic National Bank v. Fort Worth National Bank，566 S.W.2d 358
[54] Pan-American Bank and Trust Co. v. National City Bank of New York，6 F.2d762
