Acceptance On Letterhead Instead of Draft
Posted: Thu Nov 15, 2012 11:49 pm
COULD THE COLLECTING BANK RELEASE THE D/A DOCS AGAINST THE DRAWEE'S ACCEPTANCE ON ITS LETTER HEAD PAPER INSTEAD OF ON THE DRAFT?
Hi Pal,
no, if the collection contains a draft.
If draft not provided an undertaking by drawee could be in the form of drawee's letter.
See URC 522
Other comments appreciated
Ciao