Question
A ___________ is a type of letter of credit which
authorises the Advising Bank, to transfer the credit available to one or more other beneficiaries at the request of the original b eneficiary?Solution
A transferable credit is one that can be transferred by the original (first) beneficiary to one or more second beneficiaries. Unless specifically stated an LC 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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