Okla. Stat. tit. 12A, § 12A-5-112
This is the official text of Okla. Stat. tit. 12A, § 12A-5-112, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Transfer of Letter of Credit
Official statutory text
Transfer of Letter of Credit.
(a) Except as otherwise provided in Section 5-113 of this
title, 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 which is within the standard practice referred
to in subsection (e) of Section 5-108 of this title or
is otherwise reasonable under the circumstances.
(a) Except as otherwise provided in Section 5-113 of this
title, 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 which is within the standard practice referred
to in subsection (e) of Section 5-108 of this title or
is otherwise reasonable under the circumstances.
Status: in_force · Read it on the official government site
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