§ 6A-5-113 Transfer by operation of law.– (a) A successor of a beneficiary may consent to amendments, sign and presentdocuments, and receive payment or other items of value in the name of thebeneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments,sign and present documents, and receive payment or other items of value in itsown name as the disclosed successor of the beneficiary. Except as otherwiseprovided in subsection (e), an issuer shall recognize a disclosed successor ofa beneficiary as beneficiary in full substitution for its predecessor uponcompliance with the requirements for recognition by the issuer of a transfer ofdrawing rights by operation of law under the standard practice referred to in§ 6A-5-108(e) or, in the absence of such a practice, compliance with otherreasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purportedsuccessor is a successor of a beneficiary or whether the signature of apurported successor is genuine or authorized.
(d) Honor of a purported successor's apparently complyingpresentation under subsection (a) or (b) has the consequences specified in§ 6A-5-108(i) even if the purported successor is not the successor of abeneficiary. Documents signed in the name of the beneficiary or of a disclosedsuccessor by a person who is neither the beneficiary nor the successor of thebeneficiary are forged documents for the purposes of § 6A-5-109.
(e) An issuer whose rights of reimbursement are not coveredby subsection (d) or substantially similar law and any confirmer or nominatedperson may decline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance ofa letter of credit has the same rights and obligations as a successor of abeneficiary under this section.
§ 6A-5-113 Transfer by operation of law.– (a) A successor of a beneficiary may consent to amendments, sign and presentdocuments, and receive payment or other items of value in the name of thebeneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments,sign and present documents, and receive payment or other items of value in itsown name as the disclosed successor of the beneficiary. Except as otherwiseprovided in subsection (e), an issuer shall recognize a disclosed successor ofa beneficiary as beneficiary in full substitution for its predecessor uponcompliance with the requirements for recognition by the issuer of a transfer ofdrawing rights by operation of law under the standard practice referred to in§ 6A-5-108(e) or, in the absence of such a practice, compliance with otherreasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purportedsuccessor is a successor of a beneficiary or whether the signature of apurported successor is genuine or authorized.
(d) Honor of a purported successor's apparently complyingpresentation under subsection (a) or (b) has the consequences specified in§ 6A-5-108(i) even if the purported successor is not the successor of abeneficiary. Documents signed in the name of the beneficiary or of a disclosedsuccessor by a person who is neither the beneficiary nor the successor of thebeneficiary are forged documents for the purposes of § 6A-5-109.
(e) An issuer whose rights of reimbursement are not coveredby subsection (d) or substantially similar law and any confirmer or nominatedperson may decline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance ofa letter of credit has the same rights and obligations as a successor of abeneficiary under this section.
§ 6A-5-113 Transfer by operation of law.– (a) A successor of a beneficiary may consent to amendments, sign and presentdocuments, and receive payment or other items of value in the name of thebeneficiary without disclosing its status as a successor.
(b) A successor of a beneficiary may consent to amendments,sign and present documents, and receive payment or other items of value in itsown name as the disclosed successor of the beneficiary. Except as otherwiseprovided in subsection (e), an issuer shall recognize a disclosed successor ofa beneficiary as beneficiary in full substitution for its predecessor uponcompliance with the requirements for recognition by the issuer of a transfer ofdrawing rights by operation of law under the standard practice referred to in§ 6A-5-108(e) or, in the absence of such a practice, compliance with otherreasonable procedures sufficient to protect the issuer.
(c) An issuer is not obliged to determine whether a purportedsuccessor is a successor of a beneficiary or whether the signature of apurported successor is genuine or authorized.
(d) Honor of a purported successor's apparently complyingpresentation under subsection (a) or (b) has the consequences specified in§ 6A-5-108(i) even if the purported successor is not the successor of abeneficiary. Documents signed in the name of the beneficiary or of a disclosedsuccessor by a person who is neither the beneficiary nor the successor of thebeneficiary are forged documents for the purposes of § 6A-5-109.
(e) An issuer whose rights of reimbursement are not coveredby subsection (d) or substantially similar law and any confirmer or nominatedperson may decline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance ofa letter of credit has the same rights and obligations as a successor of abeneficiary under this section.
