HRS §490:5-112
Transferring a letter of credit
This section says when you can transfer a letter of credit. A letter of credit can only be transferred if the letter itself says it is transferable. Even then, the bank can refuse the transfer if it would break the law or if you don't meet the letter's requirements.
everyone
The statute, as written — Transfer of letter of credit
(a) Except as otherwise provided in section 490:5-113, 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 section 490:5-108(e) or is otherwise reasonable under the circumstances.
Sections this one refers to
§490:5-108 Issuer's rights and obligations
§490:5-113 What happens when a beneficiary is replaced by law
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