Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(1) Except as otherwise provided in s. 405.113, 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.
(2) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if any of the following conditions are met:
(a) The transfer would violate applicable law.
(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 s. 405.108(5) or is otherwise reasonable under the circumstances.
Cite this article: FindLaw.com - Wisconsin Statutes Uniform Commercial Code (Ch. 401 to 420) § 405.112. Transfer of letter of credit - last updated January 01, 2018 | https://codes.findlaw.com/wi/uniform-commercial-code-ch-401-to-420/wi-st-405-112.html
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.
Was this helpful?