§ 8.5A-112 Transfer of letter of credit
a. Except as otherwise provided in § 8.5A-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:
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 § 8.5A-108(e) or is otherwise reasonable under the circumstances.
History
This law was first created in 1997. The record of its establishment is cataloged in chapter 343 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
1997, c. 343.