NON AUTHENTICATED SWIFT MESSAGE MT999 (Quoted from DCPro Discussion Forum 22 – 26 March, 2016) QUESTION We would be curious to know how your bank treats non authenticated swift message MT999 (article 9 f) a) How are they handled? Are they refused and the sender is asked to use a bank with which both sender and receiver have an agreement for transmitting/receiving authenticated message? b) … Read More
CONFIRMATION On the summit of Hai Van Pass QUESTION Dear Mr. Old Man, We need your expertise opinion on the following case: LC issued by ABC Bank states: – Field 41a: (Available With …. By…) ANY BANK BY NEGOTIATION – Field 49 (Confirmation instructions) CONFIRM We as the advising bank advised the LC as received to the beneficiary without adding our … Read More
RETURN OF DOCUMENTS QUESTION Dear Mr. Old Man, We have a case that needs your advice. We, the issuing bank, have received the documents of which all originals of the insurance certificates are not endorsed in blank as required. The applicant informs us that the beneficiary has agreed to replace the discrepant insurance certificates and requests us to return all originals of the … Read More
INSURANCE DOCUMENT INDICATING AN EXPIRY DATE FOR PRESENTING CLAIMS; MATURITY DATE OF DRAFT AT 90 DAYS SIGHT DRAWN ON REIMBURSING BANK QUESTION Dear Mr. Old Man, Insurance policy indicating expiry date for the presentation of claims We have received documents including an insurance policy showing: “Claims must be advised within 3 months from the date of discovery of loss/damage”. Is this statement considered as a stipulation of “expiry date for the presentation of any claims” as per ISBP 745, paragraph K9? If … Read More
CONSIGNEE ON INSURANCE CERTIFICATE (Quoted from DCPro Discussion Forum 7 – 8 Mar, 2015) QUESTION L/C requires [i] insurance policy or certificate endorsed in blank ….. and [ii] bill of lading made out to order and endorsed in blank or made out to the order of the issuing bank [ABC Bank]. B/L presented under the L/C shows to the order of the ABC Bank. … Read More
CAN THE ISSUING BANK CLEAR AND TAKE DELIVERY OF THE GOODS? A boat on Han river, Da Nang, Vietnam QUESTION Dear Mr. Old Man, I have a question regarding “to order” bill of lading. LC requires among other documents a full set of clean on board ocean bills of lading made out to the order of the issuing bank… Documents presented are complying and the issuing bank advises the applicant of … Read More
BANKING DAY QUESTION Dear Mr. Old Man, I have query regarding “banking days”. My office open regularly from Monday to Friday to handling documents (for LC). One day (in Saturday), my staffs came to office in order to change our workstation/layout of office. Suddenly, a courier service came to our counter gave my staff many of documents . Since we received the … Read More
SINGLE NOTICE OF REFUSAL QUESTION Dear Mr. Old Man, I have a case that needs your comment. The issuing bank examined the documents received from the presenter and decided to refuse. However, its notice of refusal was rejected by the presenter based on the reason that the discrepancy stated in the notice was invalid. The issuing bank sent another notice of refusal citing a … Read More
WHEN THE DUE DATE IS A NON – BANKING DAY Quoted from DCPro Discussion Forum (15 – 24 Feb, 2016) QUESTION I would like to seek for your opinion in the following case: Extract from L/C: 41D: AVAILABLE WITH…BY… ANY BANK BY NEGOTIATION 42C: DRAFT AT… 60 DAY AFTER BILL OF LADING FOR 100PCT OF FULL INVOICE VALUE 42A: DRAWEE ISSUING BANK (BIDV) BIDV received the complying document from the … Read More
SUSPICION OF FRAUD Quoted from DCPro Discussion Forum (23 – 25 Feb, 2016) My Fuji QUESTION L/C allows shipment from USA to India. In the B/L, both the place of receipt and port of loading indicate “New Jersey” and port of discharge and place of destination as name of Indian port. B/L only states a vessel name of xxxx. No indication that any … Read More