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§ 5112. Transfer of letter of credit

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: July 1, 2001

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 5. Letters of Credit (Refs & Annos)
Chapter 51. Letters of Credit
Effective: July 1, 2001
13 Pa.C.S.A. § 5112
§ 5112. Transfer of letter of credit
Currentness
(a) Transfer generally.--Except as otherwise provided in section 5113 (relating to transfer by operation of law), 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) Limitations on duty to recognize or carry out a transfer.--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 section 5108(e) (relating to standard practice and role of court) or is otherwise reasonable under the circumstances.

Credits

2001, June 8, P.L. 123, No. 18, § 13, effective July 1, 2001.
13 Pa.C.S.A. § 5112, PA ST 13 Pa.C.S.A. § 5112
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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