Legal Question in Banking Law in India

can a proceeds under the letter of credit be assigned?

Asked on 10/22/13, 2:28 am

2 Answers from Attorneys

Fca Prashant Chavan Expert Edge LLP
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22.10.2013

Dear Sir / Madam,

YES, An assignment of letter of credit proceeds is an assignment (or transfer) of future debt payable under a letter of credit from the beneficiary to another person (i.e, the assignee). It enables the assignee, instead of the beneficiary, to receive payment under the letter of credit. An assignment of proceeds does not convey a right to draw or to perform under the letter of credit; the drawing must be made by the named beneficiary, although the right to receive the proceeds is vested in the assignee.

Regards,

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10/22/13, 3:48 am
Rajiv Chandhok Ph: +919810050896 http://www.linkedin.com/pub/rajiv-chandhok/33/7b7/82
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Yes , but with the consent of the buyer. To know us better, please click on the links below:

You may drop in a detailed query at chandhokrajiv@gmail.com

http://www.linkedin.com/pub/rajiv-chandhok/33/7b7/82

http://www.lawguru.com/answers/atty_profile/view_attorney_profile/username#more_info

JSR/231013

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10/22/13, 10:55 pm

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