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14. A documentary credit for US$500,000 is confirmed by Advising Bank at the request of Issuing Bank. Three days later, the Advising Bank receives
14. A documentary credit for US$500,000 is confirmed by Advising Bank at the request of Issuing Bank. Three days later, the Advising Bank receives an authenticated SWIFT message from Issuing Bank stating the LC stands cancelled with immediate effect. Beneficiary is informed of all developments but it provides no express acknowledgement. a. Issuing Bank and Confirming Bank remain liable to Beneficiary for full value issued and confirmed b. Issuing and Confirming Bank are relieved of liability on account of Beneficiary's silence and inaction c. Issuing Bank remains liable but not so the Confirming Bank d. Confirming Bank remains liable but not so the Issuing Bank
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