(2) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
(a) The transfer would violate applicable law; or
(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 that is within the standard practice referred to in ORS 75.1080 (5) or is otherwise reasonable under the circumstances. [1961 c.726 §75.1120; 1997 c.150 §15]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 075 - Letters of Credit
Section 75.1020 - Definitions.
Section 75.1030 - Application of chapter.
Section 75.1040 - Formal requirements.
Section 75.1060 - Issuance, amendment, cancellation and duration.
Section 75.1070 - Confirmer, nominated person and adviser.
Section 75.1080 - Issuer’s rights and obligations.
Section 75.1090 - Fraud and forgery.
Section 75.1120 - Transfer of letter of credit.
Section 75.1130 - Successor of beneficiary.
Section 75.1140 - Assignment of proceeds.
Section 75.1160 - Choice of law and forum.
Section 75.1170 - Subrogation of issuer, applicant and nominated person.
Section 75.1180 - Security interest of issuer or nominated person.