UCP 600에서의 신용장의 양도에 관한 연구

A Study on the Transfer of Letters of Credit in UCP 600

This work intends to study the transfer of letters of credit in UCP 600. First, a letter of credit is not transferable except the credit contains a express indication 'transferable' on its face. Secondly, a second beneficiary can acquire the payment request right against his bill of exchange and commercial invoice. On the other hand, a buyer must bear his risk that he has to receive the goods from a unknown third party. Thirdly, a seller also must bear his risk that he may not receive the proceeds from the issuing bank if a first beneficiary presents wrongful documents to a nominated bank. Transferable credits are relatively more used in Korea. But the transferable credit is a little different in the procedure compared with that of a normal letter of credit. Therefore parties concerned should study the transferable credit before they start their transactions.