Rhode Island § 6A-5-112 § 6A-5-112. Transfer of letter of credit.

Rhode Island Statutes

§ 6A-5-112 — § 6A-5-112. Transfer of letter of credit.

Rhode Island·Title 6A Uniform Commercial Code·Ch. 6A-5 Letters of Credit

§ 6A-5-112. Transfer of letter of credit.
(a) Except as otherwise provided in § 6A-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 

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§ 6A-5-112. Transfer of letter of credit.

(a) Except as otherwise provided in § 6A-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 § 6A-5-108(e) or is otherwise reasonable under the circumstances.

Rhode Island § 6A-5-112 (§ 6A-5-112. Transfer of letter of credit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.