2020 Missouri Revised Statutes
Title XXVI - Trade and Commerce
Chapter 400 - Uniform Commercial Code
Section 400.5-112 Transfer of letter of credit.
Effective - 28 Aug 1997
400.5-112. Transfer of letter of credit. — (a) Except as otherwise provided in section 400.5-113, 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 section 400.5-108(e) or is otherwise reasonable under the circumstances.
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(L. 1963 p. 503 § 5-112, A.L. 1997 S.B. 6)