CAN AN ASSIGNEE CONTROL LC AMENDMENTS? A LOOK AT ARICLE 39 OF UCP 600 QUESTION Dear my expert friend “Old Man”, I have the following question: A beneficiary received a confirmed Letter of Credit issued by Bank A. The beneficiary assigned the proceeds to Bank B and subsequently requested Bank B to issue another Letter of Credit. Is Bank B entitled to require the beneficiary to waive their right to accept or reject … Read More
IS ASSIGNMENT OF PROCEEDS UNDER A DOCUMENTARY CREDIT SUBJECT TO THE EXPIRY DATE? QUESTION Dear My Friend, We hope my email finds you well. I need your opinion regarding the assignment of proceeds under a documentary credit. Is it subject to the expiry date? Thanks for your support. Firas Jawad ________ ANSWER Hi Firas, Thank you for your interesting question. Article 39 of the UCP 600 deals with the assignment of proceeds. It … Read More