Page 1 of 1
Wording required as per 16c(i)
Posted: Thu Aug 23, 2018 9:23 pm
by saguna2018
Hi Friends,
As per Article 16c(i) :
"The notice must state:
i. that the bank is refusing to honour or negotiate;"
If MT 734 is sent, then is it necessary to mention the above sentence since the SWIFT by its nature is a "Notice of refusal"?
TIA
SGN
Re: Wording required as per 16c(i)
Posted: Thu Aug 30, 2018 11:19 pm
by picant
Hi Pal,
Swift users guide will help you in stating the mandatory field of MT734:
20,
21.
32A
77J
77B
I dont see the sentence you quote.
other comments appreciated
ciao
My clarification
Posted: Fri Aug 31, 2018 6:11 pm
by saguna2018
Hi,
What I meant was that that the title of the SWIFT type MT 734 being "Notice of Refusal" , isn't it obvious that the bank is "refusing to honour or negotiate?" What else can it refuse? So what is the purpose of separately stating "that the bank is refusing to honour or negotiate"
Waiting to hear from other members as well.
Thanks
SGN
Re: Wording required as per 16c(i)
Posted: Sat Oct 06, 2018 4:46 pm
by Holscher
What did you do in this case, SGN? I'm in a similar position with the bank, they refuse to honor or negotiate.