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What Makes A Bank Acting On Its Nomination?
Posted: Tue Jun 24, 2008 9:20 pm
by shahriar
dear friends,
how do you interpret the term "acting on its nomination"
what makes a bank acting on its nomination?
regd
shahriar
Re: acting on its nomination
Posted: Wed Jun 25, 2008 11:55 pm
by bhossain
I would interpret words "acting on its nomination" to act under the authorisation to fulfill the required function.
Re: acting on its nomination
Posted: Thu Jun 26, 2008 9:57 pm
by Md.zakir Hossen
I would interpret acting on its nomination means acting the role as Issuing Bank instruct either nominated Bank or Paying Bank or accepting Bank.
May I wrong.
Re: acting on its nomination
Posted: Thu Jun 26, 2008 10:26 pm
by shahriar
im very sorry for not being able to communicate my question properly.
while considering the term acting on its nomination, the popular concept is that the nominated must negotiate or honor a presentation to perform the act of nomination. how far do you agree with this?
regd
shahriar
Re: acting on its nomination
Posted: Thu Jun 26, 2008 11:58 pm
by nesarul
Dear All,
But how come the issuing bank understand that the nominated bank acted on its nomination under diffrent types of credit availability?
regards
nesar
Re: acting on its nomination
Posted: Fri Jun 27, 2008 12:01 pm
by Md.zakir Hossen
Dear Shariar
I do not agree with You "the nominated must negotiate or honor a presentation to perform the act of nomination".It is possible if the nominated Bank is the confirming Bank for complying presentation.
If I wrong then add..........