2006 Kentucky Revised Statutes - .112   Transfer of letter of credit.

355.5-112 Transfer of letter of credit. If a letter of credit 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 KRS 355.5-108(5) or is otherwise reasonable under the circumstances. Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 12, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 5-112, effective July 1, 1960.