Name of transferring bank

Shahed · Post by **Shahed** » Thu Jul 17, 2008 1:00 am

When issuing bank issue a transferable credit available with any bank by negotiation, do they need to specify in the L/C who is the transferring bank or it can be transfer by any bank ?

Shall appreciate your valuable comments on it.

Shahed
Toronto

Yahya · Post by **Yahya** » Fri Jul 18, 2008 1:00 am

Shahed,
A transferable credit available with any bank must specify a bank (or banks) who is authorized to transfer,otherweise , only the issuing bank would be considered as the transferring bank.

Regards,
Yahya

Shahed · Post by **Shahed** » Fri Jul 18, 2008 1:00 am

Many thanks for your comments.

Is there any ICC opinion that supports your views ?

Shahed

DanielD · Post by **DanielD** » Mon Jul 21, 2008 1:00 am

Shahed,

It UCP 600 art. 38 b second paragraph
Daniel