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New Jersey Statutes Title 12A. Commercial Transactions 12A § 5-112

Current as of February 19, 2021 | Updated by FindLaw Staff

a. Except as otherwise provided in 12A: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 12A:5-108 or is otherwise reasonable under the circumstances.

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Cite this article: FindLaw.com - New Jersey Statutes Title 12A. Commercial Transactions 12A § 5-112 - last updated February 19, 2021 | https://codes.findlaw.com/nj/title-12a-commercial-transactions/nj-st-sect-12a-5-112/

Read this complete New Jersey Statutes Title 12A. Commercial Transactions 12A § 5-112 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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