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North Dakota Century Code Title 41. Uniform Commercial Code § 41-05-12. (5-112) Transfer of letter of credit

Current as of January 01, 2024 | Updated by FindLaw Staff

1. Except as otherwise provided in section 41-05-13, 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.

2. Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:

a. The transfer would violate applicable law; or

b. 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 5 of section 41-05-08 or is otherwise reasonable under the circumstances.

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Cite this article: FindLaw.com - North Dakota Century Code Title 41. Uniform Commercial Code § 41-05-12. (5-112) Transfer of letter of credit - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-41-uniform-commercial-code/nd-cent-code-sect-41-05-12/

Read this complete North Dakota Century Code Title 41. Uniform Commercial Code § 41-05-12. (5-112) Transfer of letter of credit on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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