O.C.G.A.
O.C.G.A.

O.C.G.A. § 11-5-112 (2019)

Transfer of letter of credit

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) Except as otherwise provided in Code Section 11-5-113, 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: (1) The transfer would violate applicable law; or (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 subsection (e) of Code Section 11-5-108 or is otherwise reasonable under the circumstances.

History

Code 1981, § 11-5-112, enacted by Ga. L. 2002, p. 995, § 1.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 50 Am. Jur. 2d, Letters of Credit, and Credit Cards, §§ 21, 22. 68A Am. Jur. 2d, Secured Transactions, §§ 16. 39 et seq. C.J.S. 6A C.J.S., Assignments, § 1 et seq.

U.L.A. Uniform Commercial Code (U.L.A.) § 5112.

Notes of Decisions
Cited in 1 case, 1992–1992 · leading case: Bank South, N.A. v. Roswell Jeep Eagle, Inc., 419 S.E.2d 522 (Ga. Ct. App. 1992).
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Bank South, N.A. v. Roswell Jeep Eagle, Inc., 419 S.E.2d 522 (Ga. Ct. App. 1992). · cites it 4× “The “time allowed” for a payor bank to accept or pay a “properly payable” documentary draft that has been presented to it under a letter of credit is as provided in OCGA § 11-5-112 (1). However, the five documentary drafts at issue in the instant case were not presented to the…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.