{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.5A-113.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.5A-113.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.5A-113.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.5A-113.html"}],"law_id":63412,"edition_id":1,"section_id":63412,"structure_id":14537,"section_number":"8.5A-113","catch_line":"Transfer by operation of law","history":"1997, c. 343.","full_text":"a\n\nA successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.b\n\nA successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in § 8.5A-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.c\n\nAn issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.d\n\nHonor of a purported successor’s apparently complying presentation under subsection (a) or (b) has the consequences specified in § 8.5A-108(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of § 8.5A-109.e\n\nAn issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b).f\n\nA beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.","order_by":null,"text":{"0":{"id":231102,"text":"A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":231103,"text":"A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in § 8.5A-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"c"},"2":{"id":231104,"text":"An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b","next_prefix":"d"},"3":{"id":231105,"text":"Honor of a purported successor’s apparently complying presentation under subsection (a) or (b) has the consequences specified in § 8.5A-108(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of § 8.5A-109.","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"c","next_prefix":"e"},"4":{"id":231106,"text":"An issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b).","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d","next_prefix":"f"},"5":{"id":231107,"text":"A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.","type":"section","prefixes":["f"],"prefix":"f","entire_prefix":"f","prefix_anchor":"f","level":1,"prior_prefix":"e"}},"ancestry":[{"id":14537,"edition_id":1,"name":"Uniform Commercial Code \u2014 Letters of Credit","identifier":"8.5A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:48:34","date_modified":"2026-06-26 03:48:34","permalink":{"id":283351,"object_type":"structure","relational_id":14537,"identifier":"8.5A","token":"8.5A","url":"\/8.5A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":68137,"structure_id":14537,"section_number":"8.5A-101","catch_line":"Short title","url":"\/8.5A-101\/","token":"8.5A\/8.5A-101","metadata":false},{"id":68166,"structure_id":14537,"section_number":"8.5A-102","catch_line":"Definitions","url":"\/8.5A-102\/","token":"8.5A\/8.5A-102","metadata":false},{"id":59884,"structure_id":14537,"section_number":"8.5A-103","catch_line":"Scope","url":"\/8.5A-103\/","token":"8.5A\/8.5A-103","metadata":false},{"id":62564,"structure_id":14537,"section_number":"8.5A-104","catch_line":"Formal requirements","url":"\/8.5A-104\/","token":"8.5A\/8.5A-104","metadata":false},{"id":78674,"structure_id":14537,"section_number":"8.5A-105","catch_line":"Consideration","url":"\/8.5A-105\/","token":"8.5A\/8.5A-105","metadata":{"court_decisions":""}},{"id":58998,"structure_id":14537,"section_number":"8.5A-106","catch_line":"Issuance, amendment, cancellation, and duration","url":"\/8.5A-106\/","token":"8.5A\/8.5A-106","metadata":false},{"id":78720,"structure_id":14537,"section_number":"8.5A-107","catch_line":"Confirmer, nominated person, and adviser","url":"\/8.5A-107\/","token":"8.5A\/8.5A-107","metadata":false},{"id":84859,"structure_id":14537,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","url":"\/8.5A-108\/","token":"8.5A\/8.5A-108","metadata":{"court_decisions":""}},{"id":68535,"structure_id":14537,"section_number":"8.5A-109","catch_line":"Fraud and forgery","url":"\/8.5A-109\/","token":"8.5A\/8.5A-109","metadata":false},{"id":86292,"structure_id":14537,"section_number":"8.5A-110","catch_line":"Warranties","url":"\/8.5A-110\/","token":"8.5A\/8.5A-110","metadata":false},{"id":80661,"structure_id":14537,"section_number":"8.5A-111","catch_line":"Remedies","url":"\/8.5A-111\/","token":"8.5A\/8.5A-111","metadata":false},{"id":55987,"structure_id":14537,"section_number":"8.5A-112","catch_line":"Transfer of letter of credit","url":"\/8.5A-112\/","token":"8.5A\/8.5A-112","metadata":{"court_decisions":""}},{"id":63412,"structure_id":14537,"section_number":"8.5A-113","catch_line":"Transfer by operation of law","url":"\/8.5A-113\/","token":"8.5A\/8.5A-113","metadata":false},{"id":72104,"structure_id":14537,"section_number":"8.5A-114","catch_line":"Assignment of proceeds","url":"\/8.5A-114\/","token":"8.5A\/8.5A-114","metadata":false},{"id":66415,"structure_id":14537,"section_number":"8.5A-115","catch_line":"Statute of limitations","url":"\/8.5A-115\/","token":"8.5A\/8.5A-115","metadata":false},{"id":78841,"structure_id":14537,"section_number":"8.5A-116","catch_line":"Choice of law and forum","url":"\/8.5A-116\/","token":"8.5A\/8.5A-116","metadata":false},{"id":61433,"structure_id":14537,"section_number":"8.5A-117","catch_line":"Subrogation of issuer, applicant, and nominated person","url":"\/8.5A-117\/","token":"8.5A\/8.5A-117","metadata":{"court_decisions":""}},{"id":75081,"structure_id":14537,"section_number":"8.5A-117.1","catch_line":"Security interest of issuer or nominated person","url":"\/8.5A-117.1\/","token":"8.5A\/8.5A-117.1","metadata":false},{"id":65323,"structure_id":14537,"section_number":"8.5A-118","catch_line":"Applicability","url":"\/8.5A-118\/","token":"8.5A\/8.5A-118","metadata":false}],"previous_section":{"id":55987,"structure_id":14537,"section_number":"8.5A-112","catch_line":"Transfer of letter of credit","url":"\/8.5A-112\/","token":"8.5A\/8.5A-112","metadata":{"court_decisions":""}},"next_section":{"id":72104,"structure_id":14537,"section_number":"8.5A-114","catch_line":"Assignment of proceeds","url":"\/8.5A-114\/","token":"8.5A\/8.5A-114","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.5A-113\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapter 343<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":84859,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","order_by":null,"url":"\/8.5A-108\/"},{"id":55987,"section_number":"8.5A-112","catch_line":"Transfer of letter of credit","order_by":null,"url":"\/8.5A-112\/"}],"refers_to":[{"id":84859,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","order_by":null,"url":"\/8.5A-108\/"}],"permalink":{"id":283401,"object_type":"law","relational_id":63412,"identifier":"8.5A-113","token":"8.5A\/8.5A-113","url":"\/8.5A-113\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.5A-113\/","token":"8.5A\/8.5A-113","dublin_core":{"Title":"Transfer by operation of law","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.5A-113","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (e), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law<\/span> under the standard practice referred to in § 8.5A-108<\/a>(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> Honor of a purported successor’s apparently complying presentation under subsection (a) or (b) has the consequences specified in § 8.5A-108<\/a>(i) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of § 8.5A-109<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> An issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law<\/span> and any confirmer or nominated person may decline to recognize a presentation under subsection (b). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

f.<\/span> A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRANSFER BY OPERATION OF LAW (\u00a7 8.5A-113)\n\na. A successor of a beneficiary may consent to amendments, sign and present\ndocuments, and receive payment or other items of value in the name of the\nbeneficiary without disclosing its status as a successor.\n\nb. A successor of a beneficiary may consent to amendments, sign and present\ndocuments, and receive payment or other items of value in its own name as the\ndisclosed successor of the beneficiary. Except as otherwise provided in\nsubsection (e), an issuer shall recognize a disclosed successor of a beneficiary\nas beneficiary in full substitution for its predecessor upon compliance with the\nrequirements for recognition by the issuer of a transfer of drawing rights by\noperation of law under the standard practice referred to in § 8.5A-108(e)\nor, in the absence of such a practice, compliance with other reasonable\nprocedures sufficient to protect the issuer.\n\nc. An issuer is not obliged to determine whether a purported successor is a\nsuccessor of a beneficiary or whether the signature of a purported successor is\ngenuine or authorized.\n\nd. Honor of a purported successor’s apparently complying presentation\nunder subsection (a) or (b) has the consequences specified in § 8.5A-108(i)\neven if the purported successor is not the successor of a beneficiary. Documents\nsigned in the name of the beneficiary or of a disclosed successor by a person\nwho is neither the beneficiary nor the successor of the beneficiary are forged\ndocuments for the purposes of § 8.5A-109.\n\ne. An issuer whose rights of reimbursement are not covered by subsection (d) or\nsubstantially similar law and any confirmer or nominated person may decline to\nrecognize a presentation under subsection (b).\n\nf. A beneficiary whose name is changed after the issuance of a letter of credit\nhas the same rights and obligations as a successor of a beneficiary under this\nsection.\n\nHISTORY: 1997, c. 343.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}