Okla. Stat. tit. 12A, § 12A-5-114: Assignment of Proceeds

Assignment of Proceeds.

(a) In this section, "proceeds of a letter of credit" means the

cash, check, accepted draft, or other item of value paid or

delivered upon honor or giving of value by the issuer or any

nominated person under the letter of credit. The term does not

include a beneficiary's drawing rights or documents presented by the

beneficiary.

(b) A beneficiary may assign its right to part or all of the

proceeds of a letter of credit. The beneficiary may do so before

presentation as a present assignment of its right to receive

proceeds contingent upon its compliance with the terms and

conditions of the letter of credit.

(c) An issuer or nominated person need not recognize an

assignment of proceeds of a letter of credit until it consents to

the assignment.

(d) An issuer or nominated person has no obligation to give or

withhold its consent to an assignment of proceeds of a letter of

credit, but consent may not be unreasonably withheld if the assignee

possesses and exhibits the letter of credit and presentation of the

letter of credit is a condition to honor.

(e) Rights of a transferee beneficiary or nominated person are

independent of the beneficiary's assignment of the proceeds of a

letter of credit and are superior to the assignee's right to the

proceeds.

(f) Neither the rights recognized by this section between an

assignee and an issuer, transferee beneficiary, or nominated person

nor the issuer's or nominated person's payment of proceeds to an

assignee or a third person affect the rights between the assignee

and any person other than the issuer, transferee beneficiary, or

nominated person. The mode of creating and perfecting a security

interest in or granting an assignment of a beneficiary's rights to

proceeds is governed by Article 9 of this title or other law.

Against persons other than the issuer, transferee beneficiary, or

nominated person, the rights and obligations arising upon the

creation of a security interest or other assignment of a

beneficiary's right to proceeds and its perfection are governed by

Article 9 of this title or other law.