This paper brought together and represented a summary of the main Banking Commission Opinions on the subject of application of Article 48 and Transferable Credits in general. Article 48 being one of the Articles that had received the most queries over the last few years. The paper did not seek to provide answers as to specific transferable letter of credit practice nor to issues that had not been previously agreed by the Commission.
During the discussion at the meeting, a number of the comments sought to change the viewpoint that had been expressed in past (agreed) opinions. In addition, there was a feeling that the document should in some way look at issues of practice. It was outlined, that the intention of the paper is to create a document that brings together a selection of the opinions that have a direct bearing on day to day issues relating to transferable credits. A number of the opinions that have been given are specific to certain circumstances or of an obscure nature and had not been included. This does not undermine the status of opinions not included, details of which can be found in ICC Publication No. 632, which is a compilation of opinions given since the introduction of UCP 500.