Electronic signatures, guarantees

Here Kwangju, a bank, tried to wriggle out of a guarantee. It argued that its name did not appear in the text of the guarantee in which they referred to themselves as "we". However, the text was sent via SWIFT. SWIFT is the provider of secure financial messaging services to banks and other institutions internationally. The words "Kwangju Bank Ltd" were contained in the header to the SWIFT message. Kwangju Bank argued that this was not text which it typed in, but an output message header, that is, text generated by the SWIFT messaging system. However for the Judge the bank caused them to be there by sending the message. Whether or not automatically generated by the system, and whether or not stated in whole, or abbreviated this was a sufficient signature. This case takes the law one step further in the recognition of signatures. Previously automated signatures were seen to be potentially insufficient. In the Golden Ocean Group case the signatures were sufficient because the contract was "signed" by the electronically printed signature of the person who sent the email.

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