Remitting Bank Sent Document To Branch Which Released It

Simple is Beautiful; the only thing came in my mind when thought of documentary collection. And I think more and more people are thinking the same in these days. Documentary Collection offers us far greater security than selling on open account; but not as much as a documentary credit. We should therefore be more cautious before starting selling using this method of payment. Documentary Collection Forum is an effort to help you on this way – admin; besttradesolution.com
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TradeLaporte
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Remitting Bank Sent Document To Branch Which Released It

Post by TradeLaporte » Thu May 02, 2013 10:03 am

How to resolve an issue where remitting bank sent documents to a branch and branch releases documents to drawee without processing the documents as a documentary collection
Dear members what will be the remedies docs delivered2 months ago even if documents get return should drawee pay for the invoice value ? Remitting bank tracing status of payment
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picant
Posts: 2026
Joined: Wed Aug 20, 2008 1:49 pm

Collecting bank liability

Post by picant » Thu May 02, 2013 11:12 am

Hi Pal,

probably you have proof of sending documents and the receipt of collecting bank, even if the branch involved is not doing international.
If the collecting bank has delivered documents to drawee without cashing the collection amount, you may ask the proceeds and interests.
Concerning the liability of your bank, a part discussion with your customer, you are lifted as per URC 522.
Other comments appreciated
Ciao
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