Question
An LC which authorises the Advising Bank, to transfer,
at the request of the First Beneficiary the credit available in whole or in part to one or more other beneficiaries ( Second Beneficiaries) is known as _______Solution
A transferable credit is one that can be transferred by the original (first) beneficiary to one or more second beneficiaries. Unless specifically stated anLC is not transferable i.e. the LC is deemed to be transferable only if it is stated to be ‘Transferable’ in the LC. Second beneficiary has no right to transfer to third beneficiary
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