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Dear Friends,

Today i received a set of document against a letter of credit issued by us which expired early last month. after waiting for about two weeks, we issued a cancellation notice. now after one month of cancellation we received a set of document against that LC. i know i am noway bound by that LC and need not to give any discrepancy advice. but what type of communication should i make with the presenting bank. please note that the presenting bank didnt give any statement that the received the document within the expiry.

regd
shahriar

in my opinion
You should make a notice of refusing.,
And you should contact to the applicant. Then, it belongs to the importer's instructions. If they pay the proceeds, we can recover the L/C on your system although you cancel your L/C
regards.,

Hi Pals,

In my booklet there is a notation about "presentation of documents when l/c expired" ICC doc. 470/TA 122 dd feb 17, 1998:A presentation of documents when credit expired is no more regulated by UCP 500.( IMHO no change with UCP 600) So issuing/confirming/nominated bank are not obliged to send a refusal message in the fixed period of time. But it exists a Bank Behaviour that regulates the actions between banks. So the bank receiving expired documents will act in order to settle the matter as collection (ICC 522) by informing the presenting bank in an acceptable time.

Other comments appreciated

Ciao