3、简答:可转让LC与背对背LC的区别：
The comparison of Transferable LC and Back-to-Back LC： Both credits involve a middleman as a seller Both credits involve the substitution of documents
Transferred Credit expires at the counter of transferring bank
Back-to-back credit expires at the counter of 2nd Issuing bank. Distinction：
? Transferred credit derives its existence and utilization from transferable LC
? In back-to-back credit operations, there are two wholly independent credits with wholly ? ? ? ? ? ?
independent Issuing Bank undertaking.
In transferred credit, second beneficiary obtains payment undertaking of Issuing Bank in the transferable LC.
In back-to-back credit, second beneficiary does not obtain Issuing bank’s undertaking of payment in the original credit
Transferred amount no longer exists in Transferable LC In back-to-back credit transaction, two separate LCs coexist
Transferable credit is issued at the request of applicant with consent of Issuing Bank. Back-to-back credit is not the intention of applicant and Issuing Bank in master credit
第七章、第八章
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