MT 700 Field Specifications
2. Field 40A: Form of Documentary Credit
FORMAT
PRESENCE
Mandatory
DEFINITION
This field specifies the type of credit.
CODES
Type must contain one of the following codes (Error code(s): T60):
IRREVOCABLE |
The documentary credit is irrevocable |
IRREVOCABLE TRANSFERABLE |
The documentary credit is irrevocable and transferable |
IRREVOCABLE STANDBY
|
The standby letter of credit is irrevocable
|
IRREVOC TRANS STANDBY
|
The standby letter of credit is irrevocable and transferable
|
USAGE RULES
Details of any special conditions applying to the transferability of the credit and/or the bank authorised to transfer the credit in a freely negotiable credit should be included in field 47A Additional Conditions.