(a) Except as otherwise provided in AS 45.05.113 , 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 a requirement stated in the letter of credit, or with another requirement that
(A) relates to transfer imposed by the issuer; and
(B) is within the standard practice referred to in AS 45.05.108 (e) or is otherwise reasonable under the circumstances.
Section: Previous 45.05.105 45.05.106 45.05.107 45.05.108 45.05.109 45.05.110 45.05.111 45.05.112 45.05.113 45.05.114 45.05.115 45.05.116 45.05.117 45.05.118 45.05.120-45.05.124 NextLast modified: November 15, 2016