Minnesota Statutes
§ 336.5-112 — 336.5-112 TRANSFER OF LETTER OF CREDIT.
Minnesota § 336.5-112
This text of Minnesota § 336.5-112 (336.5-112 TRANSFER OF LETTER OF CREDIT.) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Minn. Stat. § 336.5-112 (2026).
Text
(a)Except as otherwise provided in section336.5-113, 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 section336.5-108(e) or is otherwise reasonable under the circumstances.
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Legislative History
1997 c 11 art 1 s 12
Nearby Sections
15
§ 336.5-101
336.5-101 SHORT TITLE.§ 336.5-102
336.5-102 DEFINITIONS.§ 336.5-103
336.5-103 SCOPE.§ 336.5-104
336.5-104 FORMAL REQUIREMENTS.§ 336.5-105
336.5-105 CONSIDERATION.§ 336.5-108
336.5-108 ISSUER'S RIGHTS AND OBLIGATIONS.§ 336.5-109
336.5-109 FRAUD AND FORGERY.§ 336.5-110
336.5-110 WARRANTIES.§ 336.5-111
336.5-111 REMEDIES.§ 336.5-112
336.5-112 TRANSFER OF LETTER OF CREDIT.§ 336.5-113
336.5-113 TRANSFER BY OPERATION OF LAW.§ 336.5-114
336.5-114 ASSIGNMENT OF PROCEEDS.§ 336.5-115
336.5-115 STATUTE OF LIMITATIONS.Cite This Page — Counsel Stack
Bluebook (online)
Minnesota § 336.5-112, Counsel Stack Legal Research, https://law.counselstack.com/statute/mn/336/336.5-112.