Fact Pattern 22-1
First State Bank issues a letter of credit in favor of Oboe Company, an American firm, to facilitate an international sales contract to buy resources from Lapland Mining, Ltd., a Finnish company.
-Refer to Fact Pattern 22-1.In a letter of credit,the beneficiary is

Question

Quizplus · Accepted Answer

In a letter of credit, the beneficiary is the party in whose favor the letter of credit is issued, which in this case is Lapland Mining, Ltd., the Finnish company.

Fact Pattern 22-1 First State Bank Issues a Letter of Credit in Favor