675.112 Transfer of letter of credit.—
(1) Except as otherwise provided in s. 675.113, 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.
(2) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
(a) The transfer would violate applicable law; or
(b) 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 which is within the standard practice referred to in s. 675.108(5) or is otherwise reasonable under the circumstances.
History.—s. 1, ch. 65-254; s. 617, ch. 97-102; s. 1, ch. 99-137.
Note.—s. 5-112, U.C.C.; supersedes s. 676.07.
Section: Previous 675.105 675.106 675.107 675.108 675.109 675.110 675.111 675.112 675.113 675.114 675.115 675.116 675.117 675.118 675.1181 NextLast modified: September 23, 2016