URR 725
Posted: Tue Jan 13, 2009 11:51 pm
dear all,
i think my URR 725 is not the accurate one. because at the preface URR 725 says
i think my URR 725 is not the accurate one. because at the preface URR 725 says
while article 11 still showsIn sub-article 11 (e) the reference to reserve or indemnity has been
removed. Whether or not a claiming bank has paid under indemnity or
reserve does not concern a reimbursing bank. The reimbursing bank is
not involved in the examination of documents, the determination of
compliance nor the manner of honour or negotiation of that
presentation.
e. A reimbursing bank assumes no liability or responsibility if it
honours a reimbursement claim indicating that a payment,
acceptance or negotiation was made under reserve or against an
indemnity, and shall disregard such indication.