What is field 40A: Form of Documentary Credit?
Field 40A: Form of Documentary Credit is a field in MT 700 swift message that is used to indicate the form of the letter of credit.
This is a mandatory field, which means that it must be stated in all of the letters of credit issued via MT 700 swift format.
This field specifies the type of credit.
Codes: One of the following codes must be used
- 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.
Field 40A: Form of Documentary Credit
Details of any special conditions applying to the transferability of the credit and/or the bank authorized to transfer the credit in a freely negotiable credit should be included in field 47A Additional Conditions.
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