New York Laws
Article 5 - Letters of Credit
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 subsection
(e) of section 5--108 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 subsection (i) of section 5--108 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 section 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.