accept , discount, against, dishonoured, attached , hypothecation, credit, draw, ownership

When a Letter of Credit has been confirmed, the agent bank in the seller's country usually asks for the shipping documents, and often corite to the seller to say that they are willing to【21】a draft on them for the【22】. This draft (another name for Bill of Exchange) is often【23】to the shipping documents and is called a Documentary Bill of Exchange. Banks often state that the seller can【24】on them for the amount of the Credit.

A buyer or his bank may ask the seller if he is willing to allow them a period of 30, 60, or 90 days to pay. They may write. "can you present your drafts for 60 d/s？" this is a form. of【25】and allows the buyer time to pay. The agent bank will normally accept a draft【26】documents, because they need them to make sure that the title to【27】has been transferred.

Some times the bank demands a letter of【28】so that they have the right to sell the goods if the Bill of Exchange is【29】, that is, if the buyer or his bank do not pay. This does not apply to irrevocable documentary credit.

However, the bank can【30】the Bill of Exchange by deducting the interest for the period the draft has to go before maturity.

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