Also See

[WARLORD77]

A documentary credit subject to UCP 500 bears a title "Irrevocable
Documentary Credit" has a special condition as follows:
"This documentary credit will become inoperative upon receipt of a
cable to this effect from the issuing bank after issuance."
After receipt of such a cable advice, the beneficiary made a
presentation nevertheless. The issuing bank sent a refusal notice by
SWIFT pointing out a discrepancy as follows:
"Documents presented after expiry of the documentary credit render
the presentation discrepant."
Is the issuing bank correct in its refusal?
What would be the situation if the same credit is subject to UCP 600?

[jmitra]

im not sure whether i have got your question correctly. what i understood is precisely; issuing bank issued a credit which is revocable. issuing bank sent a cancellation notice. beneficiary presented the document. can the issuing bank refuse? if this is your question, then you must understand that this is not so simple issue. we need lots of detail especially what the cancellation notice says

[WARLORD77]

I did not mention about revocability.

[saikryshna]

As of I know .......
When an ISB issues an L/C it is irrevocably bounds to its terms n conditions.

An ISB cannot cancel it without the agreement of beneficiary.
An ISB donot has any authority to refuse , if it a complying presentation.