MT 700 Field Specifications

2. Field 40A: Form of Documentary Credit

FORMAT

Option A

24x

(Type)

PRESENCE

Mandatory

DEFINITION

This field specifies the type of credit.

CODES

One of the following codes must be used (Error code(s): T60):

IRREVOCABLE	The documentary credit is irrevocable.
REVOCABLE	The documentary credit is revocable.
IRREVOCABLE TRANSFERABLE	The documentary credit is irrevocable and transferable.
REVOCABLE TRANSFERABLE	The documentary credit is revocable and transferable.
IRREVOCABLE STANDBY	The standby letter of credit is irrevocable.
REVOCABLE STANDBY	The standby letter of credit is revocable.
IRREVOC TRANS STANDBY	The standby letter of credit is irrevocable and transferable.

USAGE RULES

Details of any special conditions applying to the transferability of the credit and/or the bank authorised to transfer the credit in a freely negotiable credit should be included in field 47A Additional Conditions.