C&R holder can trade out of state, current pistol for c&r pistol?

[Rhloew]

I'm negotiating a trade out of state. I'm assuming I need to do an 01 to 01 transfer with my modern piece, and can receive his C&R directly? Modern piece is not in my bound book.
Thanks,
Bob

 

[KMaurer]

You only need to have an 01 FFL send it to the recipient's 01 FFL if the later won't accept a direct shipment from you.

Ken