Idaho Code § 28-5-112
This is the official text of Idaho Code § 28-5-112, part of Idaho’s Code — part of the compiled statutory law of Idaho, published by the state as "Code." Browse the sections below, each linked to its official government source.
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28-5-112 TRANSFER OF LETTER OF CREDIT.
Official statutory text
28-5-112. Transfer of letter of credit. (1) Except as otherwise provided in section 28-5-113, 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 section 28-5-108(5) or is otherwise reasonable under the circumstances.
History:
[28-5-112, added 1996, ch. 7, sec. 2, p. 15.]
(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 section 28-5-108(5) or is otherwise reasonable under the circumstances.
History:
[28-5-112, added 1996, ch. 7, sec. 2, p. 15.]
Status: in_force · Read it on the official government site
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