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- Title
ASSIGNABILITY OF DOCUMENTARY CREDITS.
- Authors
MCGOWAN, GEORGE B.
- Abstract
The article focuses on various aspects related to the assignability of letters of credit. It mentions about the hindrance caused by the present rule regarding letters of credit in making them a source of financial source for small businesses involved in export trade and informs that a letter of credit is a document issued by a bank guaranteeing payment on the behalf of its customers. It mentions that a bank's issuance of a letter of credit enables the seller to sell and deliver and presents a format in which a seller-beneficiary files for assignment of a letter of credit with the issuing bank.
- Subjects
LETTERS of credit; BANKING industry; NEGOTIABLE instruments; SMALL business finance; SURETYSHIP &; guaranty; BANK customers; BENEFICIARIES; COMMERCIAL documents; LEGAL instruments
- Publication
Law & Contemporary Problems, 1948, Vol 13, Issue 4, p666
- ISSN
0023-9186
- Publication type
Article
- DOI
10.2307/1189934