Source: L. 96: Entire article R&RE, p. 199, § 1, effective July 1.
Editor's note: This section is similar to former § 4-5-116 as it existed prior to 1996.
Where the letter of credit must be presented as a condition to honor and the assignee holds and exhibits the letter of credit to the issuer or nominated person, the risk to the issuer or nominated person of having to pay twice is minimized. In such a situation, subsection (d) provides that the issuer or nominated person may not unreasonably withhold its consent to the assignment.
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