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(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/
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