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Collection D/A

Posted: Thu Jun 14, 2018 3:28 pm
by Phone
Dear All,
I have some trouble about D/A as: seller's bank sent the documents to the Buyer's bank and buyer's bank sent MT412 for the payment date. when it arrives the payment date the seller's bank got the swift from buyer's bank said that the seller and the buyer agreed to expend the payment date more one month, but after one month no payment until now. So for this case the seller's bank what can do with the buyer's bank?

Thank you.


Posted: Wed Jun 20, 2018 12:55 am
by picant
Hi Pal,

the collecting bank sending a MT412 stated that the drawee accepted the BoE to maturity date.
The bank held the BoE for collection at maturity, but if the drawee has no money or does not want to pay
the collecting bank has no liability. The bank may, if originary instructed, note or protest the BoE.
URC 522 are quite clear.
Other comments appreciated

Re: Collection D/A

Posted: Fri Jun 22, 2018 1:08 pm
by Phone
Thank you :)