§ 34.1-5-113 — Transfer by operation of law

(a) A successor of a beneficiary may consent to
amendments, sign and present documents, and receive payment or
other items of value in the name of the beneficiary without
disclosing its status as a successor.
(b) A successor of a beneficiary may consent to
amendments, sign and present documents, and receive payment or
other items of value in its own name as the disclosed successor
of the beneficiary. Except as otherwise provided in subsection
(e) of this section, an issuer shall recognize a disclosed
successor of a beneficiary as beneficiary in full substitution
for its predecessor upon compliance with the requirements for
recognition by the issuer of a transfer of drawing rights by
operation of law under the standard practice referred to in W.S.
34.1-5-108(e) or, in the absence of such a practice, compliance
with other reasonable procedures sufficient to protect the
issuer.
(c) An issuer is not obliged to determine whether a
purported successor is a successor of a beneficiary or whether
the signature of a purported successor is genuine or authorized.
(d) Honor of a purported successor's apparently complying
presentation under subsection (a) or (b) of this section has the
consequences specified in W.S. 34.1-5-108(j) even if the
purported successor is not the successor of a beneficiary.
Documents signed in the name of the beneficiary or of a
disclosed successor by a person who is neither the beneficiary
nor the successor of the beneficiary are forged documents for
the purposes of W.S. 34.1-5-109.
(e) An issuer whose rights of reimbursement are not
covered by subsection (d) of this section or substantially
similar law and any confirmer or nominated person may decline to
recognize a presentation under subsection (b) of this section.
(f) A beneficiary whose name is changed after the issuance
of a letter of credit has the same rights and obligations as a
successor of a beneficiary under this section.