Page 1 of 1
Transfer on Standby LC under UCP600
Posted: Sat Jul 12, 2014 7:16 am
by Westley
A standby letter of credit subject to UCP 600 and indicating that the LC is not transferable, not assignable.
Beneficiary has changed their legal name and the applicant is insisting on changing it on the LC. Believes, that change of name is not a transfer and transfer has to be a party other than the present beneficiary.
Is this doable under UCP 600?
formerly known as.....
Posted: Sat Jul 12, 2014 1:15 pm
by picant
Hi Pal,
Imho, point C2 b of Isbp 745 is applicable.
Other comments appreciated
Ciao
hi
Posted: Mon Jul 14, 2014 9:33 am
by ritikaagg
change of name is not transfer...transfer is the sharing of the right to perform...
Transfer on Standby LC under UCP600
Posted: Mon Jul 14, 2014 10:50 pm
by Westley
Hello Shahriar,
Does UCP 600 specifically allow change of name for the beneficiary. I know that ISP98 does. It addresses the issue under Transfer by Law.
I am still trying to get an access to ISBP 745 to take a look at C2b as suggested by Picant.
Regards,
ISBP 745, C2.b.
Posted: Wed Jul 16, 2014 12:48 pm
by IJTUDU
ISBP 745, C2.b. When the beneficiary or second beneficiary has changed its name and the credit mentions the former name, an invoice may be issued in the name of the new entity provided that it indicates "formerly known as (name of the beneficiary or second beneficiary)" or words of similar effect.
Regards,
Isaac
Transfer on Standby LC under UCP 600
Posted: Thu Jul 17, 2014 3:47 pm
by Westley
Thanks Isaac, that helps.