Can a Guarantee Be Amended to Reflect Legal Succession of Beneficiaries? A change in the identity of the beneficiary under a demand guarantee may arise not from a transfer of the guarantee, but from legal succession under the applicable law, such as inheritance or donation. In such cases, should the guarantor treat the change as a transfer under Article 33 of URDG 758, or simply amend the guarantee to acknowledge the … Read More
AMENDMENT TO CHANGE THE BENEFICIARY QUESTION Hi Mr. Old Man, We need your advice on the following issue: We issued an LC in favour of Beneficiary B. The applicant requests us to issue an amendment to change Beneficiary B into Beneficiary C. Can we issue such an amendment? Is the presentation made by the new beneficiary that complies with the LC deemed to be the … Read More