West Virginia § 46-5-112 Transfer of letter of credit

West Virginia Statutes

§ 46-5-112 — Transfer of letter of credit

West Virginia § 46-5-112

Ch. 46UNIFORM COMMERCIAL CODE

Art. 5LETTERS OF CREDIT

This text of West Virginia § 46-5-112 (Transfer of letter of credit) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 46-5-112 (2026).

Text

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

Free access — add to your briefcase to read the full text and ask questions with AI

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