Amendment Of Beneficiary's Name In LC

Westley · Post by **Westley** » Fri Jan 02, 2015 6:48 pm

Can a LC that is not transferable, be amended to change the beneficiary's name, which was a result of a merger or acquisition. Such change is being supported by a copy of the local government issued change of name documentation.

picant · Post by **picant** » Fri Jan 02, 2015 8:52 pm

Hi Pal,

ISBP 745 C2 helps you:
-When the beneficiary or second beneficiary has changed its name and the credit mention 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.

Other comments appreciated
Ciao

Westley · Post by **Westley** » Fri Jan 02, 2015 9:02 pm

Hello Ciao,

Thank you for your prompt reply.

This solution has been advised to the beneficiary but not acceptable to them. We have further advised them to authorise cancellation of the present LC and we could issue a new one in its place. However, they are challenging us, that the UCP 600 does not prohibit the change of beneficiary name and hence the LC should be amended.

picant · Post by **picant** » Fri Jan 02, 2015 9:32 pm

Hi Pal,

I just quote the ISBP 745, but I really dont know your local law.
You may act accordingly to your laws and naturally UCP 600.
Ciao

thutrang9591 · Post by **thutrang9591** » Sun Jan 04, 2015 9:07 pm

I want to ask about different scenario in which applicant want to change the name and address of Ben but Issuing Bank can not confirm whether it is the same company or not, should Issuing bank amend the L/C?

ritikaagg · Post by **ritikaagg** » Wed Jan 07, 2015 9:40 am

You need a beneficiary consent in the form of swift message. Bene bank should send the swift message to Issuing Bank giving bene consent of chnaging their name.

Amendment Of Beneficiary's Name In LC

Amendment Of Beneficiary's Name In LC

ISBP 745 C2

Beneficiary name change

Change name

change name

HI