ORS 75.1120

Known as the Uniform Commercial Code

The act spans §§ 75–75 (19 sections).

Applied in 1 court decision — leading case 710 F. Supp. 275 - Esso Petroleum Canada v. Security Pacific Bank (1989)

Most recently applied in 710 F. Supp. 275 - Esso Petroleum Canada v. Security Pacific Bank (March 1989)

1961 c.726 §75.1120; 1997 c.150 §15

(1) Except as provided in ORS 75.1130, 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:

(a) The transfer would violate applicable law; or

(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 that is within the standard practice referred to in ORS 75.1080 (5) or is otherwise reasonable under the circumstances.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.