47-5112. Transfer of letter of credit
A. Except as otherwise provided in section 47-5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.
B. Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
1. The transfer would violate applicable law; or
2. The transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer that is within the standard practice referred to in section 47-5108, subsection E or that is otherwise reasonable under the circumstances.
Section: Previous 47-5105 47-5106 47-5107 47-5108 47-5109 47-5110 47-5111 47-5112 47-5113 47-5114 47-5115 47-5116 47-5117 47-5118 47-7101 NextLast modified: October 13, 2016