Truck Receipts and Maturity Date: Does the Latest Date Rule Apply?

QUESTION

Dear Sir,

Hope everything is in good spirits.

I wanted your valuable feedback on this scenario of calculation of the maturity date.

Now, let say we have received the bill of USD 100,000.00 with multiple truck receipts with dates ranging from 01.06.2025 to

20.06.2025.  The usance period is 60 days from  the T/R date.

Currently the due date for the bill is being calculated based on the latest date of shipment (i.e 20.06.2025).

So, my question is are we following the right procedure to quote the due date based on  the T/R having the latest shipment date.

I have tried to see the UCPDC and ISBP but have not got the exact answer. So Can you please your knowledge on this one.

Thank You

Suraj Shrestha

TOC

Himalayan Bank Ltd.

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ANSWER

Hi Suraj,

Thank you for your interesting question — here is my response:

According to ISBP 821 paragraph B2(e)(iii), when a credit requires a bill of lading and drafts are to be drawn, for example, at 60 days after or from the bill of lading date, and more than one set of bills of lading is presented under one draft, the on board date of the latest bill of lading will be used to calculate the maturity date.

ISBP 821 does not provide specific guidance on how to calculate the maturity date in the case of multiple truck receipts with different dates. However, in my opinion, the principle described in B2(e)(iii) can reasonably be extended to this scenario.

If the LC requires presentation of a truck receipt, and the document bears a dated stamp or notation indicating that the goods were received, that date is generally taken as the shipment date. If no such stamp or notation appears, then the date of issuance may be treated as the shipment date — unless otherwise specified in the LC.

Accordingly, I agree with your approach that the latest date among the truck receipts should be used to calculate the maturity date in this case.

Good luck to you and the team at Himalayan Bank.

Best regards,

Mr. Old Man