Transferable L/C

edilee · Post by **edilee** » Sat Jan 02, 2010 1:37 am

dear friends
I need following clarifications
1. a transferred L/C can not be canceled without permission of second beneficiary. is it true
2. if transfer realized by nominated bank through second beneficiary's bank. is the bank (second beneficiary/s bank) under a obligation to examine the docs.
3. can second beneficiary presents the docs. directly to nominated bank (ignore second benf.s bank)
4. can second beneficiary presents the docs. directly to issuing bank
thanks in advance

picant · Post by **picant** » Mon Jan 04, 2010 12:38 am

Hi Pal

you can download from ICC website www.iccwbo.org document no 470/977 rev 3 that is still valid for UCP 600.
Once read please post your queries if necessary.

Ciao

shahriar · Post by **shahriar** » Tue Jan 05, 2010 8:52 am

to answer your questions

1. true
2. a nominated bank is never under any obligation to act on its nomination unless expressly communicated so
3. yes
4. as per UCP no. but there is an opinion which does allow this in case of 100% transfer and where such has been allowed by the transferring bank.

edilee · Post by **edilee** » Wed Jan 06, 2010 12:42 am

thank you Picant but ı have not managed to reach the doc. I'll try later
Thank you Shariar for your answers