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CODE 41D Available with

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Wed, 09/08/2010 - 04:56
WillemM
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I have received an LC and it states "Any Bank By Negotiation" in field 41D.

Is that acceptable or should I state the name of my bank

‹ MORE THAN ONE BENE Transferable LC ›
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Wed, 09/08/2010 - 06:05
#1
Abrar
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Place of expiry

41A should be used if the bank BIC code is used. Otherwise, 41D can be used to enter the bank as a free format text. So in the above context, 41D is correct.

It is advisable, and usually the intention to limit negotiation to "any bank" in the beneficiary's country. This being so, and if for example, the beneficiary's domicile is Germany, it is advisable to state field 31A (Date and Place of Expiry) as YYMMDD, GERMANY, and field 41D as "ANY BANK IN GERMANY".

If in the  unlikely circumstance that the issuing bank wishes the LC to be available with any bank in the world, I agree that field 31D need not contain reference to place of expiry and that field 41D may simply state " ANY BANK".  

   

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Wed, 09/08/2010 - 05:12
#2
DC_ken
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I assume you have in mind

I assume you have in mind field 41A. It is acceptable. Just be careful with 31D...

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Wed, 09/08/2010 - 05:27
#3
LB
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41 A - available with

if it is freely negotiable credit, should field 31D be read as:

"any place + date of expiry" ?

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Wed, 09/08/2010 - 05:45
#4
DC_ken
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In this case only date is

In this case only date is sufficent to be indicated in field 31D. It the issuing bank wishes to limit the range of the banks it could indiacte date + country. 

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Wed, 09/08/2010 - 05:50
#5
LB
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41 A - available with

should he also indicate in 41 A :"any German Bank" if he limits the banks to a country?

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