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O.C.G.A. § 11-5-112

Transfer of letter of credit

Applied in 1 court decision — leading case Pro-Fab, Inc. v. Vipa, Inc. (1985)

Most recently applied in Pro-Fab, Inc. v. Vipa, Inc. (October 1985)

Code 1981, § 11-5-112, enacted by Ga

(a) Except as otherwise provided in Code Section 11-5-113, 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 Code Section 11-5-108 or is otherwise reasonable under the circumstances.

Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.