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LC Cancellation

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Fri, 09/03/2010 - 07:13
Palani
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Joined: 08/29/2010
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Hi all,

Is it Possible for Issuing Bank to cancel an Letter of credit without Beneficiary consent, even if amendment

issued for the cancellation. I know when the letter of credit got expires the issuing bank is relieved from its

obiligation.

Guide me with articles / ICC circulars

‹ Restricted l/c shipping company cert signed by different agent ›
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Tue, 09/07/2010 - 01:03
#1
Sal40
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Joined: 08/31/2010
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LC Cancellation

Kindly provide details of the issuing bank and of the country in order to prevent other banking fellows to get involved with these people.....it is the only way to put pressure on the issuing bank. See also www.forfaiting.ch and click on the "BPN case" (100% owned by Caixa Geral de Depositos in Portugal). Similar issue: docs under LC accepted by the issuing bank and underlying import of machinery accepted by the applicant.  

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Fri, 09/03/2010 - 07:40
#2
LB
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Joined: 09/02/2010
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LC cancellation

what do you mean in " even if amandement issued for the cancellation"?

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Fri, 09/03/2010 - 08:01
#3
LB
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Joined: 09/02/2010
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LC cancellation

Please refer to Article 10 (amendments)

a. except as otherwise provided by the article 38, a credit can neither be amended nor cancelled without the agreement of the issuing bank, the confirming bank, if any and the beneficiary. 

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