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§ 5-112. Transfer of Letter of Credit

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 5. Letters of Credit (Refs & Annos)
12A Okl.St.Ann. § 5-112
§ 5-112. Transfer of Letter of Credit
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.

Credits

Laws 1996, c. 56, § 11, eff. Jan. 1, 1997.
12A Okl. St. Ann. § 5-112, OK ST T. 12A § 5-112
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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