There is a newer version
of
this Section
2018 Alaska Statutes
Title 45. Trade and Commerce
Chapter 05. Letters of Credit
Sec. 45.05.112. Transfer of letter of credit.
Universal Citation: AK Stat § 45.05.112 (2018)
(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 transfer if
(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 requirement that
(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.
Disclaimer: These codes may not be the most recent version. Alaska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
