News

News by Month

Autumn & Winter 2014 Newsletter added to Members section

10/12/2014 A new newsletter has been added to the members section providing details of some of the issues discussed at the ICC Banking Commission meeting held in Istanbul on 5 and 6 November 2014. These include an overview of the Opinions that were approved.

Back to recent news

Latest Question

Refer to UCP 600 article 39. The presenting bank (bank B) has sent a full set of documents to the issuing bank (bank A) and bank A has sent an advice of acceptance to bank B and will effect payment on the due date. Before due date, bank B requested bank A to assign full proceeds to bank C. Subsequently, before due date, bank C requested bank A to assign full proceeds to bank D. Question: 1. Beginning, can bank A refuse bank B’s assignment request, and insist on effecting payment to bank B on due date? Bank A informed bank B as follows: The assignment agreement exists between your bank, the beneficiary and bank C, our bank is not a party of the assignment agreement, we refuse your assignment request. At due date, we will effect payment to your bank. After receipt of the proceeds, your bank may assign proceeds to bank C at the request of the beneficiary. 2. If bank A agreed bank B’s assignment request and replied “at due date, we will effect payment to bank C”, can bank A refuse bank C’s assignment request, and insist on effecting payment to bank C on due date? Bank A informed bank C as follows: As per UCP 600 article 39, only the beneficiary has the right to assign any proceeds, we have agreed effecting payment to your bank on due date at request of the beneficiary and bank B, we refuse your assignment request. At due date, we will effect payment to your bank. After receipt of the proceeds, your bank may assign proceeds to bank D.

News

News by Month

Autumn & Winter 2014 Newsletter added to Members section

Recent News

ICC Trade Advisory Briefing list updated 28/08/2025

TradeSpeed - the Automated Document Examination platform of choice 22/08/2025

Latest Question