RCW 62A.5-112
Transfer of letter of credit.
(a) Except as otherwise provided in RCW 62A.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 RCW 62A.5-108(5) or is otherwise reasonable under the circumstances.
[ 2012 c 214 § 1709; 1997 c 56 § 13; 1965 ex.s. c 157 § 5-112. Cf. former RCW sections: (i) RCW 62.01.136; 1955 c 35 § 62.01.136; prior: 1899 c 149 § 136; RRS § 3526. (ii) RCW 62.01.137; 1955 c 35 § 62.01.137; prior: 1899 c 149 § 137; RRS § 3527. (iii) RCW 62.01.150; 1955 c 35 § 62.01.150; prior: 1899 c 149 § 150; RRS § 3540.]
NOTES:
Application—Savings—2012 c 214: See notes following RCW 62A.1-101.
Structure Revised Code of Washington
Title 62A - Uniform Commercial Code
Chapter 62A.5 - Letters of Credit.
62A.5-1013 - Applicability—Transition provision.
62A.5-1015 - Savings—Transition provision.
62A.5-104 - Formal requirements.
62A.5-106 - Issuance, amendment, cancellation, and duration.
62A.5-107 - Confirmer, nominated person, and adviser.
62A.5-108 - Issuer's rights and obligations.
62A.5-109 - Fraud and forgery.
62A.5-112 - Transfer of letter of credit.
62A.5-113 - Transfer by operation of law.
62A.5-114 - Assignment of proceeds.
62A.5-115 - Statute of limitations.
62A.5-116 - Choice of law and forum.
62A.5-117 - Subrogation of issuer, applicant, and nominated person.
62A.5-118 - Security interest of issuer or nominated person.