Home › Forums › Letters of Credit

transferrable l/c

1 reply [Last post]
Mon, 07/26/2010 - 06:44
jales
Offline
Joined: 07/21/2010
Posts:
Printer-friendly versionSend to friendPDF version

Hi again,

I request your kind assistances once more.

We've recieved an MT707 l/c amendment which claims the completely change of field 59 Beneficiary name and address. Our customer (that is, Beneficiary) are aware of this change. Both beneficiary companies (old and fresh one) are belong to them in any case. 

However, form of the l/c is just IRREVOCABLE. In this case,  is it necessary to change field 40A from IRREVOCABLE to IRREVOCABLE and TRANSFERABLE ??

Rgds.

 

     

‹ insurance Draft vs IRU ›
Top
Mon, 07/26/2010 - 08:19
#1
Abrar
Offline
Joined: 03/12/2009
Posts:
Change in beneficiary name

For the sake of good order, I would obtain the "old" beneficiary's approval of the amendment before formally advising the "new" beneficiary. For added security (if I had doubts that the "new" and "old" beneficiary are the same entity) I might require the return of the original instrument so that a fresh LC to the "new" beneficiary could be advised, incorporating the necessary amendment(s).

However, from the information provided, I do not see any relevance to "transferable" as the LC format.

Top