Oregon Revised Statutes Chapter 75 § 75.1120 — Transfer of letter of credit
Oregon Revised Statutes Chapter 75 ·
Oregon Code § 75.1120·Enacted ·Last updated March 01, 2026
Statute Text
Transfer of letter of credit.
(1) Except as provided in ORS 75.1130, 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.
(2) Even if a
letter of credit provides that it is transferable, the issuer may refuse to
recognize or carry out a transfer if:
(a) The transfer
would violate applicable law; or
(b) 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 that is within the standard practice referred to in ORS 75.1080 (5)
or is otherwise reasonable under the circumstances. [1961 c.726 §75.1120; 1997
c.150 §15]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 75.1120
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Transfer of letter of credit. Read the full statute text above for details.
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