ORS 75.1120¹
Transfer of letter of credit

(1) Except as provided in ORS 75.1130 (Successor of beneficiary), 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 (Issuer's rights and obligations) (5) or is otherwise reasonable under the circumstances. [1961 c.726 §75.1120 (Transfer of letter of credit); 1997 c.150 §15]

1 Legislative Counsel Committee, CHAPTER 75—Letters of Credit, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors75.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information