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processing a reimbursement claim
Posted: Thu Apr 08, 2010 9:21 pm
by yangkenn
Hello everyone, i need your help for the following question:
LC is available with Bank A by negotiation and Bank B claims from the reimbursement from reimbursing bank Bank C, Bank C may effect reimbursement to Bank B based on its own discretion.Is it correct?
processing a reimbursement claim
Posted: Sat Apr 10, 2010 5:55 pm
by bdesh
Hi,
Bank B is not authorised to claim reimbursement form Bank C.
Bank B shall have to refund with upto date intersest.
depends on the RA
Posted: Sat Apr 10, 2010 6:06 pm
by jmitra
it depends on the reimbursement authorization. generally when the nomination is restricted, reimbursement authorization is also restricted. if the reimbursement authorization is restricted, bank C must not honor claim from any other bank.
reimbursement claim
Posted: Sun Apr 11, 2010 8:14 am
by danohng
Refer to URR 725 article 2 e : a claiming bank include bank act on behalf of the nominated bank who negotiate and honour. If bank B is acting on behalf of bank A, this is allow under URR.