can a proceeds under the letter of credit be assigned?
2 Answers from Attorneys
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.
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 firstname.lastname@example.org
Related Questions & Answers
Sir, my cousins wife take all the gold from bank locker and kept in another bank and... Asked 10/21/13, 10:34 pm in India Banking Law
To,FCA PRASHANT CHAVAN, I'm from west bengal,mailed you about the house building... Asked 10/19/13, 7:46 am in India Banking Law
I'm from west bengal,i've taken house building loan from a district cooperative bank... Asked 10/19/13, 2:37 am in India Banking Law
I have not made my credit card bills since last 5 years Asked 10/18/13, 3:57 pm in India Banking Law
I went to a bank in madurai tamilnadu,India,they asked for my name and contact... Asked 10/17/13, 3:43 am in India Banking Law