IIBF Trade Finance Practice Questions - IIBF Certificate Examination In International Trade Finance (India) Exam

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A transferable Letter of Credit can be transferred, at the request of the first beneficiary, to one or more second beneficiaries. To what extent can a second beneficiary transfer the credit?

A second beneficiary can transfer it to any third beneficiary. A second beneficiary cannot transfer the credit to any subsequent beneficiary, but can transfer it back to the first beneficiary. A second beneficiary can transfer it only if the issuing bank provides written consent. A second beneficiary can transfer it to another second beneficiary within the same country.

Correct Answer:

A second beneficiary cannot transfer the credit to any subsequent beneficiary, but can transfer it back to the first beneficiary.

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