JAIIB LEGAL:
No of parties involved in LC - 7 (Applicant-Buyer-Importer-Opener, Issuing Bank,
Beneficiary-Exporter-Seller, Advising Bank, Negotiating Bank, Confirming Bank,
Reimbursing Bank)
............................ ............
Green clause - This permits pre shipment advance and also permits advances to the
exporter to cover storage at the port of shipment.
........................................
Forged instrument - Checks, drafts, bills of exchange, notes, bonds, stock certificates,
and paper money with false signatures or false denominations; false instruments with
genuine signatures; or COUNTERFEITS.
........................................
Differed payment guarantee - Deferred Payment Guarantee is issued by the bank at
request of customer when he purchases goods or machinaries from a creditor on the
terms of payment after a specified time in lump sum or in instalments.
........................................
Equitable mortgage - A mortgage in which the lender is secured by taking possession of
all the original title documents of the property that serves as security for the mortgage.
It gives the mortgagee the right to foreclose on the property, sell it, or appoint a
receiver in case of nonpayment.
........................................
Gratitious bailment - is a type of bailment in which the bailee receives no compensation.
For example, borrowing a friend's car. A gratuitous bailee is liable for loss of the
property only if the loss is caused by the bailee's gross negligence
No of parties involved in LC - 7 (Applicant-Buyer-Importer-Opener, Issuing Bank,
Beneficiary-Exporter-Seller, Advising Bank, Negotiating Bank, Confirming Bank,
Reimbursing Bank)
............................ ............
Green clause - This permits pre shipment advance and also permits advances to the
exporter to cover storage at the port of shipment.
........................................
Forged instrument - Checks, drafts, bills of exchange, notes, bonds, stock certificates,
and paper money with false signatures or false denominations; false instruments with
genuine signatures; or COUNTERFEITS.
........................................
Differed payment guarantee - Deferred Payment Guarantee is issued by the bank at
request of customer when he purchases goods or machinaries from a creditor on the
terms of payment after a specified time in lump sum or in instalments.
........................................
Equitable mortgage - A mortgage in which the lender is secured by taking possession of
all the original title documents of the property that serves as security for the mortgage.
It gives the mortgagee the right to foreclose on the property, sell it, or appoint a
receiver in case of nonpayment.
........................................
Gratitious bailment - is a type of bailment in which the bailee receives no compensation.
For example, borrowing a friend's car. A gratuitous bailee is liable for loss of the
property only if the loss is caused by the bailee's gross negligence
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