THE ISSUING BANK'S RIGHT TO RECOURSE QUERY FROM HARRY First and foremost, thank you very much for your response. Based on my research thus far it seems that there has been little academic commentary on the topic. A few situations which I fail to understand are as follows: a) The applicant asks the issuing bank (IB) to issue a LC in favour of a beneficiary. The … Read More
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?
IS THE NOMINATED BANK REQUIRED TO VERIFY WHETHER THE BENEFICIARY HAS AUTHORIZED THE PRESENTING BANK TO PRESENT THE DOCUMENTS?
CAN THE ISUING BANK CITE “LATE PRESENTATION” AS A DISCREPANCY SOLELY BASED ON THE DATE OF THE COVER LETTER?