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Name of transferring bank
Posted: Thu Jul 17, 2008 1:00 am
by Shahed
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
Name of transferring bank
Posted: Fri Jul 18, 2008 1:00 am
by Yahya
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
Name of transferring bank
Posted: Fri Jul 18, 2008 1:00 am
by Shahed
Many thanks for your comments.
Is there any ICC opinion that supports your views ?
Shahed
Name of transferring bank
Posted: Mon Jul 21, 2008 1:00 am
by DanielD
Shahed,
It UCP 600 art. 38 b second paragraph
Daniel