Bank X has received a SBLC in MT760 format subject to UCP600 and the lc states it is transferable and assignable.If Bank X is the nominated bank can bank X transfer the sblc to second beneficiary.
if answer is yes then please explain how to transfer a sblc.
If answer is no please explain why it cant be transfer when its subject to ucp600.
Can A Nominated Bank Transfer SBLC Issued In MT760 Format?
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sandeep_mt
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- First Name: sandeep
- Last Name: mothkuri
- Organization: axis bank ltd
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picant
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MT700 and MT760
Hi Pal,
MT700 admits in field 40 A: irrevoc trans standby, so it is possible to issue such type of SBLC, even if
by MT760 quoting the UCP 600 as applicable rules. Then art. 38 is applicable too.
A note SBLC is a guarantee and it is used when the applicant fails to pay or performs its undertaking,
transferring the rights is , IMHO, difficult and risky, however....
Other comments appreciated.
Ciao
MT700 admits in field 40 A: irrevoc trans standby, so it is possible to issue such type of SBLC, even if
by MT760 quoting the UCP 600 as applicable rules. Then art. 38 is applicable too.
A note SBLC is a guarantee and it is used when the applicant fails to pay or performs its undertaking,
transferring the rights is , IMHO, difficult and risky, however....
Other comments appreciated.
Ciao