- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 5. Letters of Credit
- Section 112. Transfer of Letter of Credit.
previous: Section 111
next: Section 113
. Transfer By Operation of Law.
AS 45.05.112. Transfer of Letter of Credit.
- (a) Except as otherwise provided in AS 45.05.113
, 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
- (1) the transfer would violate applicable law; or
- (2) the transferor or transferee has failed to comply with a requirement stated in the letter of credit, or with another
- (A) relates to transfer imposed by the issuer; and
- (B) is within the standard practice referred to in AS 45.05.108
(e) or is otherwise reasonable under the circumstances.
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