Source: L. 96: Entire article R&RE, p. 198, § 1, effective July 1.
This section affirms the result in Pastor v. Nat. Republic Bank of Chicago, 76 Ill.2d 139, 390 N.E.2d 894 (Ill. 1979) and Federal Deposit Insurance Co. v. Bank of Boulder, 911 F.2d 1466 (10th Cir. 1990).
An issuer's requirements for recognition of a successor's status might include presentation of a certificate of merger, a court order appointing a bankruptcy trustee or receiver, a certificate of appointment as bankruptcy trustee, or the like. The issuer is entitled to rely upon such documents which on their face demonstrate that presentation is made by a successor of a beneficiary. It is not obliged to make an independent investigation to determine the fact of succession.
Structure Colorado Code
Title 4 - Uniform Commercial Code
§ 4-5-104. Formal Requirements
§ 4-5-106. Issuance, Amendment, Cancellation, and Duration
§ 4-5-107. Confirmer, Nominated Person, and Adviser
§ 4-5-108. Issuer's Rights and Obligations
§ 4-5-112. Transfer of Letter of Credit
§ 4-5-113. Transfer by Operation of Law
§ 4-5-114. Assignment of Proceeds
§ 4-5-115. Statute of Limitations
§ 4-5-116. Choice of Law and Forum
§ 4-5-117. Subrogation of Issuer, Applicant, and Nominated Person
§ 4-5-117.5. Security Interest of Issuer or Nominated Person