Article 873. Closing of the letter of credit

1. The letter of credit shall be closed at the implementing bank: (1) upon expiry of the letter of credit, except where the documents relating to the letter of credit have been submitted within the period of validity (b) On application of the letter of credit; (c) upon application by the recipient of the funds to withdraw the letter of credit prior to its expiry; (d) upon application by the payer for cancellation of the letter of credit; 2. The issuing bank shall inform the issuing bank of the closing of the letter of credit. 3. The unused amount of the letter of credit shall be surrendered to the issuing bank at the same time as the issuing bank. The issuing bank is required to deposit the refunded money into the payer ' s bank account from which the funds were deposited.