Want to know:

127. An issuing bank notifies the beneficiary that the applicant has ceased trading and that the documentary credit is cancelled and that cancellation shall be effective ten days after the date of the issue of its cancellation notice. The beneficiary presents documents to the issuing bank that otherwise fully comply with the credit terms fifteen days after the date of the cancellation notice. The issuing bank:a) Is obliged to honour the documents.b) May simply return the documents unchecked as the credit has now ceased to exist.c) Should hold the documents unchecked and seek further instructions from the beneficiary.d) May refuse the documents as more than ten days have elapsed since the issue of its cancellation notice.

Get a detailed, AI-powered explanation for this question and thousands more on StudyFetch.