信用证的独立性原则要求信用证一经开出,就与信用证据以产生或作为该信用证基础的其它合同、协议和安排相互分离和独立。信用证欺诈例外原则实际上排除了独立性原则在某种条件下的适用,成为独立性原则适用中的一项例外规定。本文从对信用证欺诈例外原则的确立入手,着重论证了此原则存在的理论基础,以期在实践中能合理、正当适用信用证欺诈例外原则保护相关权益。 The principle of independence of a credit requires that upon expiry of the credit, the other contracts, agreements and arrangements with the credit arising from or as the basis of the credit are separate and independent from each other. The principle of exception of credit fraud actually ruled out the application of the principle of independence under certain conditions and became an exception to the principle of independence. This article starts with the establishment of the principle of fraud exception in letter of credit, and emphatically demonstrates the theoretical foundation of this principle, in order to protect the related rights and interests in the reasonable and proper application of the fraud exception principle of letter of credit in practice.