{"id":2522,"date":"2018-08-18T10:38:34","date_gmt":"2018-08-18T14:38:34","guid":{"rendered":"http:\/\/www.letterofcredit.biz\/?p=2522"},"modified":"2019-04-07T01:55:57","modified_gmt":"2019-04-07T05:55:57","slug":"field-59-beneficiary","status":"publish","type":"post","link":"https:\/\/www.letterofcredit.biz\/index.php\/2018\/08\/18\/field-59-beneficiary\/","title":{"rendered":"Field 59: Beneficiary"},"content":{"rendered":"<p><strong>What is Field 59: Beneficiary?<\/strong><\/p>\n<p>Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued.<\/p>\n<p>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.<\/p>\n<p>Beneficiary means the party in whose favour a credit is issued.<\/p>\n<p>Presenter means a beneficiary, bank or other party that makes a presentation.<\/p>\n<p>A beneficiary can in no case avail itself of the contractual relationships existing between banks or between the applicant and the issuing bank.<\/p>\n<p>Except as provided in sub-article 29 (a), a presentation by or on behalf of the beneficiary must be made on or before the expiry date.<\/p>\n<p><strong>MT 700<\/strong><br \/>\n<strong>Field 59: Beneficiary:<\/strong><br \/>\nThis field specifies the party in favour of which the documentary credit is being issued. Beneficiary is the exporter of the underlying contract.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is Field 59: Beneficiary? Field 59: Beneficiary is a field in MT 700 swift message type that is used to specify the party in favour of which the documentary credit is being issued. This is a mandatory field, which<\/p>\n","protected":false},"author":1,"featured_media":2524,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,231],"tags":[284,276,238,239],"class_list":["post-2522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mt-700-issue-of-a-documentary-credit","category-swift-messages","tag-field-59-beneficiary","tag-mt-700-issue-of-a-documentary-credit","tag-swift","tag-swift-messages"],"_links":{"self":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/2522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/comments?post=2522"}],"version-history":[{"count":0,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/posts\/2522\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media\/2524"}],"wp:attachment":[{"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/media?parent=2522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/categories?post=2522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.letterofcredit.biz\/index.php\/wp-json\/wp\/v2\/tags?post=2522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}