|
|
Definition
Article 433
- (1)
- By a letter of credit a bank shall order another bank to pay to the person indicated in the letter of credit a sum up to a specified amount.
- (2)
- The letter of credit may be forwarded to several banks and in different settlements.
Rights and Obligations
Article 434
- (1)
- The person authorized to receive the sum shall be obliged to pay the issuing bank's fees and expenses.
- (2)
- The payer bank shall be obliged to note down the sum paid on the letter of credit. Its submission to the payer bank in the case under Article 433, paragraph 1, shall not be a prerequisite for payment.
|
|
