{"data":{"id":"us-mi/mich.-comp.-laws-440.5112","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 440.5112","heading":"Right to draw or demand performance under letter of credit; transfer.","body":"Sec. 5112.\n\nExcept as otherwise provided in section 5113, 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.\n\nEven if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if either of the following applies:\n\nThe transfer would violate applicable law.\n\nThe 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 section 5108(5) or is otherwise reasonable under the circumstances.","path":["MI Code","Chapter 440","Act Act-174-of-1962"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-440-5112","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"e07e185b62392551ea71737e86f1c53172980d7b9e01c8b2aaf3fa300657ef3a","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-440.5111","next":"us-mi/mich.-comp.-laws-440.5113"},"notice":"GroundRules: Original legal text. Not legal advice."}