(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 presentdocuments, and receive payment or other items of value in its own name as thedisclosed successor of the beneficiary. Except as otherwise provided insubsection (e), an issuer shall recognize a disclosed successor of abeneficiary as beneficiary in full substitution for its predecessor uponcompliance with the requirements for recognition by the issuer of a transferof drawing rights by operation of law under the standard practice referred toin § 8.5A-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 purported successor is asuccessor of a beneficiary or whether the signature of a purported successoris genuine or authorized.
(d) Honor of a purported successor's apparently complying presentation undersubsection (a) or (b) has the consequences specified in § 8.5A-108(i) even ifthe purported successor is not the successor of a beneficiary. Documentssigned in the name of the beneficiary or of a disclosed successor by a personwho is neither the beneficiary nor the successor of the beneficiary areforged documents for the purposes of § 8.5A-109.
(e) An issuer whose rights of reimbursement are not covered by subsection (d)or substantially similar law and any confirmer or nominated person maydecline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance of a letter ofcredit has the same rights and obligations as a successor of a beneficiaryunder this section.
(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 presentdocuments, and receive payment or other items of value in its own name as thedisclosed successor of the beneficiary. Except as otherwise provided insubsection (e), an issuer shall recognize a disclosed successor of abeneficiary as beneficiary in full substitution for its predecessor uponcompliance with the requirements for recognition by the issuer of a transferof drawing rights by operation of law under the standard practice referred toin § 8.5A-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 purported successor is asuccessor of a beneficiary or whether the signature of a purported successoris genuine or authorized.
(d) Honor of a purported successor's apparently complying presentation undersubsection (a) or (b) has the consequences specified in § 8.5A-108(i) even ifthe purported successor is not the successor of a beneficiary. Documentssigned in the name of the beneficiary or of a disclosed successor by a personwho is neither the beneficiary nor the successor of the beneficiary areforged documents for the purposes of § 8.5A-109.
(e) An issuer whose rights of reimbursement are not covered by subsection (d)or substantially similar law and any confirmer or nominated person maydecline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance of a letter ofcredit has the same rights and obligations as a successor of a beneficiaryunder this section.
(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 presentdocuments, and receive payment or other items of value in its own name as thedisclosed successor of the beneficiary. Except as otherwise provided insubsection (e), an issuer shall recognize a disclosed successor of abeneficiary as beneficiary in full substitution for its predecessor uponcompliance with the requirements for recognition by the issuer of a transferof drawing rights by operation of law under the standard practice referred toin § 8.5A-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 purported successor is asuccessor of a beneficiary or whether the signature of a purported successoris genuine or authorized.
(d) Honor of a purported successor's apparently complying presentation undersubsection (a) or (b) has the consequences specified in § 8.5A-108(i) even ifthe purported successor is not the successor of a beneficiary. Documentssigned in the name of the beneficiary or of a disclosed successor by a personwho is neither the beneficiary nor the successor of the beneficiary areforged documents for the purposes of § 8.5A-109.
(e) An issuer whose rights of reimbursement are not covered by subsection (d)or substantially similar law and any confirmer or nominated person maydecline to recognize a presentation under subsection (b).
(f) A beneficiary whose name is changed after the issuance of a letter ofcredit has the same rights and obligations as a successor of a beneficiaryunder this section.
