Utah Statutes
§ 70A-5-112 — Transfer of letter of credit.
(1)Except as otherwise provided in Section 70A-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.
(2)Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
(2)(a) the transfer would violate applicable law; or
(2)(b) 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 70A-5-108(5) or is otherwise reasonable under the circumstances.
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Legislative History
Repealed and Re-enacted by Chapter 241, 1997 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.