Okla. Stat. tit. 12A, § 12A-5-113: Transfer by Operation of Law

Transfer by Operation of Law.

(a) A successor of a beneficiary may consent to amendments,

sign and present documents, and receive payment or other items of

value in the name of the beneficiary without disclosing its status

as a successor.

(b) A successor of a beneficiary may consent to amendments,

sign and present documents, and receive payment or other items of

value in its own name as the disclosed successor of the beneficiary.

Except as otherwise provided in subsection (e) of this section, an

issuer shall recognize a disclosed successor of a beneficiary as

beneficiary in full substitution for its predecessor upon compliance

with the requirements for recognition by the issuer of a transfer of

drawing rights by operation of law under the standard practice

referred to in subsection (e) of Section 5-108 of this title or, in

the absence of such a practice, compliance with other reasonable

procedures sufficient to protect the issuer.

(c) An issuer is not obligated to determine whether a purported

successor is a successor of a beneficiary or whether the signature

of a purported successor is genuine or authorized.

(d) Honor of a purported successor's apparently complying

presentation under subsection (a) or (b) of this section has the

consequences specified in subsection (i) of Section 5-108 of this

title even if the purported successor is not the successor of a

beneficiary. Documents signed in the name of the beneficiary or of

a disclosed successor by a person who is neither the beneficiary nor

the successor of the beneficiary are forged documents for the

purposes of Section 5-109 of this title.

(e) An issuer whose rights of reimbursement are not covered by

subsection (d) of this section or substantially similar law and any

confirmer or nominated person may decline to recognize a

presentation under subsection (b) of this section.

(f) A beneficiary whose name is changed after the issuance of a

letter of credit has the same rights and obligations as a successor

of a beneficiary under this section.