California Commercial Code
§ 5112
COM § 5112 Effective Jan 1, 1997Div. 5
Statute text
View on leginfo.ca.gov(a)Except as otherwise provided in Section 5113, 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
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Legislative history
Repealed and added by Stats. 1996, Ch. 176, Sec. 7. Effective January 1, 1997.