355.5 -112 Transfer of letter of credit. If a letter of credit 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 credi t or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in KRS 355.5 -108(5) or is otherwise reasonable under the circumstances. Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 12, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 5 -112, effective July 1, 1960.
Kentucky Legal Code