Ohio § 1305.11 Transfer of letter of credit - UCC 5-112

Ohio Statutes

§ 1305.11 — Transfer of letter of credit - UCC 5-112

Ohio § 1305.11

Title 13Commercial Transactions

Ch. 1305Letters Of Credit

This text of Ohio § 1305.11 (Transfer of letter of credit - UCC 5-112) is published on Counsel Stack Legal Research, covering Ohio primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ohio Rev. Code Ann. § 1305.11 (2026).

Text

(A)Except as otherwise provided in section1305.12of the Revised Code, 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 that is within the standard practice referred to in division (E) of section1305.07of the Revised Code or is otherwise reasonable under the circumstances.

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(A) Except as otherwise provided in section1305.12of the Revised Code, 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 that is within the standard practice referred to in division (E) of section1305.07of the Revised Code or is otherwise reasonable under the circumstances.