Direct Presentation By Second Beneficiary
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hardy2175
- Posts: 34
- Joined: Mon Jun 13, 2011 12:23 pm
- First Name: hardy
- Last Name: singh
- Organization: bank
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Direct Presentation By Second Beneficiary
considering the Art. 38 (k) can issuing bank raise discrepancy of direct presentation (i/e presentation to issuing bank i/o transfering bank)?
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picant
- Posts: 2026
- Joined: Wed Aug 20, 2008 1:49 pm
Yes,
Hi Pal,
the Art 38 k has been introduced to protect first beneficiary. Only in case of 100% transfer and without substitution of invoice the transferring bank, not confirming, may dispose the sending of documents directly to issuing bank.
Probably the issuing bank on receipt of such documents will adjust the presentation contacting the transferring bank, but it must save the interests of first beneficiary.
Other comments appreciated
Ciao
the Art 38 k has been introduced to protect first beneficiary. Only in case of 100% transfer and without substitution of invoice the transferring bank, not confirming, may dispose the sending of documents directly to issuing bank.
Probably the issuing bank on receipt of such documents will adjust the presentation contacting the transferring bank, but it must save the interests of first beneficiary.
Other comments appreciated
Ciao