2015 Utah Code
Title 70A - Uniform Commercial Code
Chapter 5 - Uniform Commercial Code - Letters of Credit
Section 112 - Transfer of letter of credit.

70A-5-112. Transfer of letter of credit.

• (1) Except as otherwise provided in Section 70A-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) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:
  • (a) the transfer would violate applicable law; or
  • (b) 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 70A-5-108(5) or is otherwise reasonable under the circumstances.

Repealed and Re-enacted by Chapter 241, 1997 General Session