Georgia Statutes
§ 11-5-112 — Transfer of letter of credit
Georgia·Title 11
(a)Except as otherwise provided in Code Section 11-5-113 , 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.
(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 Code Section 11-5-108 or is otherwise reasonable under the circumstances.
Free access — add to your briefcase to read the full text and ask questions with AI
Georgia § 11-5-112 (Transfer of letter of credit) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Pro-Fab, Inc. v. Vipa, Inc., and Community Bank
772 F.2d 847 (Eleventh Circuit, 1985)
Bank South, N.A. v. Roswell Jeep Eagle, Inc.
419 S.E.2d 522 (Court of Appeals of Georgia, 1992)
Legislative History
Added by 2002 Ga. Laws 874,§ 1, eff. 7/1/2002. A former section with this number was repealed and reenacted by Ga. Laws 874, § 1.
Nearby Sections
15
§ 11-1-101
Short titles§ 11-1-102
Scope of article§ 11-1-104
Construction against implicit repeal§ 11-1-105
Severability§ 11-1-106
Use of singular and plural; gender§ 11-1-107
Section captions§ 11-1-201
General definitions§ 11-1-202
Notice; knowledge§ 11-1-204
Value§ 11-1-205
Reasonable time; seasonableness§ 11-1-206
Presumptions