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Official Code of Georgia Annotated

Title 11. COMMERCIAL CODE · Chapter 5. · Article 5. LETTERS OF CREDIT

11-5-112. Transfer of letter of credit.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (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.#

  2. (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. (1)

      The transfer would violate applicable law; or#

    2. (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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 11-5-112, enacted by Ga. L. 2002, p. 995, § 1.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t11-(v9)-2022-pdf.pdf, Volume V9, 2022 edition, page 589; merge action: carried; file SHA-256 ad397fccbf21.