§12A-5-112.

§12A-5-112.
   
   Transfer of Letter of Credit.
   
   (a) Except as otherwise provided in Section 5-113 of this title,
   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 Section 5-108 of
   this title or is otherwise reasonable under the circumstances.