Wording required as per 16c(i)

saguna2018 · Post by **saguna2018** » Thu Aug 23, 2018 9:23 pm

Hi Friends,

As per Article 16c(i) :

"The notice must state:
i. that the bank is refusing to honour or negotiate;"

If MT 734 is sent, then is it necessary to mention the above sentence since the SWIFT by its nature is a "Notice of refusal"?

TIA
SGN

picant · Post by **picant** » Thu Aug 30, 2018 11:19 pm

Hi Pal,

Swift users guide will help you in stating the mandatory field of MT734:
20,
21.
32A
77J
77B
I dont see the sentence you quote.
other comments appreciated
ciao

saguna2018 · Post by **saguna2018** » Fri Aug 31, 2018 6:11 pm

Hi,

What I meant was that that the title of the SWIFT type MT 734 being "Notice of Refusal" , isn't it obvious that the bank is "refusing to honour or negotiate?" What else can it refuse? So what is the purpose of separately stating "that the bank is refusing to honour or negotiate"

Waiting to hear from other members as well.

Thanks
SGN

Holscher · Post by **Holscher** » Sat Oct 06, 2018 4:46 pm

What did you do in this case, SGN? I'm in a similar position with the bank, they refuse to honor or negotiate.

Wording required as per 16c(i)

Wording required as per 16c(i)

Re: Wording required as per 16c(i)

My clarification

Re: Wording required as per 16c(i)