Unless otherwise specified by means of the code "NURC" in field 72, the collection is instructed subject to the Uniform Rules for Collections, International Chamber of Commerce, Paris, France, which are in effect on the date of instruction.
Since this message caters for several types of financial instruments, the party names principal and drawee will be used in all cases.
The parties in the business flow are not necessarily different entities. The first column of the table below shows the parties that can be omitted in an MT 405. The second column specifies the party which assumes the role of the party in the first column, when it is not present in the message:
 |
If the following party is missing... |
|
Its function is assumed by ... |
| 50L |
Instructing Party |
50D |
Principal |
| 52a |
Remitting Bank |
S |
Sender (or the institution determined from the account number in field 50D, when present) |
| 56a |
Settlement Institution |
S |
Sender (or the institution determined from the account number in field 50D, when present) |
| 57a |
Presenting Bank |
R |
Receiver (or the institution determined from the account number in field 59, when present) |
