South Carolina Statutes
§ 36-5-112 — Transfer of letter of credit.
(a)Except as otherwise provided in Section 36-5-113, 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 Section 36-5-108(e) or is otherwise reasonable under the circumstances.
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South Carolina § 36-5-112 (Transfer of letter of credit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1962 Code SECTION 10.5-112; 1966 (54) 2716; 2001 Act No. 67, SECTION 15.
Nearby Sections
15
§ 36-5-101
Short title.§ 36-5-102
Definitions.§ 36-5-103
Scope.§ 36-5-104
Formal requirements.§ 36-5-105
Consideration.§ 36-5-108
Issuer's rights and obligations.§ 36-5-109
Fraud and forgery.§ 36-5-110
Warranties.§ 36-5-111
Remedies.§ 36-5-112
Transfer of letter of credit.§ 36-5-113
Transfer by operation of law.§ 36-5-114
Assignment of proceeds.§ 36-5-115
Statute of limitations.