Number of Articles Present in URC 522

Which of the following rules govern a Documentary Collection?

In collections there is no guarantee (promise) of payment and no guarantee that an accepted Draft will be paid on the due date.

A Presenting Bank sends a notice of non-acceptance to a Remitting Bank and has not received a reply from them. How many days should the Presenting Bank wait for instructions regarding the further handling of the documents before they may be returned to the Remitting Bank?

In Collection, The documents are handled within the Banking system and remain in Bank's custody until payment or acceptance is received from the Buyer.

Which of the following are the parties to a collection.

a. Principal

b. Issuing bank

c. Collecting bank

d. Presenting bank

e. Remitting bank

f. Advising bank

If a bank elects, for any reason, not to handle a collection or any related

instructions received by it

"Collection" means the handling by banks of documents as defined in sub-Article

2(b), in accordance with instructions received, in order to:

Types of documents in collection

What does Clean collection means?

Financial documents not accompanied by

commercial documents.

"Documentary collection" means collection of

All documents sent for collection must be accompanied by a collection

instruction indicating that the collection is subject to URC 522 and giving

complete and precise instructions. Banks are only permitted to act upon

the instructions given in such collection instruction, and in accordance

with these Rules

Collecting bank and presenting bank Cant be a same bank.

Principle party is referred as

Which of these  statements are correct

Bank Shall have Obligation to Handle Documents

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