405.112 Transfer of letter of credit.
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405.112 Transfer of letter of credit.
(1)Except as otherwise provided in s. 405.113 , 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 any of the following conditions are met:
(a)The transfer would violate applicable law.