N.Y. UCC Law § 5-112
This is the official text of N.Y. UCC Law § 5-112, part of New York’s UCC Law — part of the compiled statutory law of New York, published by the state as "UCC Law." Browse the sections below, each linked to its official government source.
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Transfer of letter of credit
Official statutory text
Section 5--112. Transfer of letter of credit.\n (a) Except as otherwise provided in section 5--113, unless a letter of\ncredit provides that it is transferable, the right of a beneficiary to\ndraw or otherwise demand performance under a letter of credit may not be\ntransferred.\n (b) Even if a letter of credit provides that it is transferable, the\nissuer may refuse to recognize or carry out a transfer if:\n (1) the transfer would violate applicable law; or\n (2) the transferor or transferee has failed to comply with any\n requirement stated in the letter of credit or any other\n requirement relating to transfer imposed by the issuer which\n is within the standard practice referred to in subsection (e)\n of section 5--108 or is otherwise reasonable under the\n circumstances.\n
Status: in_force · Read it on the official government site
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