2010 Pennsylvania Code
Title 13 - COMMERCIAL CODE
Chapter 51 - Letters of Credit
5112 - Transfer of letter of credit.

     § 5112.  Transfer of letter of credit.
        (a)  Transfer generally.--Except as otherwise provided in
     section 5113 (relating to transfer by operation of law), 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)  Limitations on duty to recognize or carry out a
     transfer.--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
        5108(e) (relating to standard practice and role of court) or
        is otherwise reasonable under the circumstances.

        Special Provisions in Appendix.  See section 28 of Act 18 of
     2001 in the appendix to this title for special provisions
     relating to applicability of transitional provisions.
        Cross References.  Section 5112 is referred to in section
     9700 of this title.