Transferred credit means a credit that has been made available by the transferring bank to a second beneficiary.
In the advice of transfer, where there is a 100% transfer, the transferring bank may make a modification of the rule to state that the documents are to be sent direct to the issuing bank.
When transferring a credit, the transferring bank is responsible for creating the advice of transfer in favour of the second beneficiary.
If transferred, negotiations are restricted to transferring bank.
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