New York Laws
Article 5 - Letters of Credit
5-112 - Transfer of Letter of Credit.

(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 subsection (e)
of section 5--108 or is otherwise reasonable under the
circumstances.

Structure New York Laws