{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-113","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-113","heading":"Transfer by Operation of Law","body":"Transfer by Operation of Law.\n\n(a) A successor of a beneficiary may consent to amendments,\n\nsign and present documents, and receive payment or other items of\n\nvalue in the name of the beneficiary without disclosing its status\n\nas a successor.\n\n(b) A successor of a beneficiary may consent to amendments,\n\nsign and present documents, and receive payment or other items of\n\nvalue in its own name as the disclosed successor of the beneficiary.\n\nExcept as otherwise provided in subsection (e) of this section, an\n\nissuer shall recognize a disclosed successor of a beneficiary as\n\nbeneficiary in full substitution for its predecessor upon compliance\n\nwith the requirements for recognition by the issuer of a transfer of\n\ndrawing rights by operation of law under the standard practice\n\nreferred to in subsection (e) of Section 5-108 of this title or, in\n\nthe absence of such a practice, compliance with other reasonable\n\nprocedures sufficient to protect the issuer.\n\n(c) An issuer is not obligated to determine whether a purported\n\nsuccessor is a successor of a beneficiary or whether the signature\n\nof a purported successor is genuine or authorized.\n\n(d) Honor of a purported successor's apparently complying\n\npresentation under subsection (a) or (b) of this section has the\n\nconsequences specified in subsection (i) of Section 5-108 of this\n\ntitle even if the purported successor is not the successor of a\n\nbeneficiary. Documents signed in the name of the beneficiary or of\n\na disclosed successor by a person who is neither the beneficiary nor\n\nthe successor of the beneficiary are forged documents for the\n\npurposes of Section 5-109 of this title.\n\n(e) An issuer whose rights of reimbursement are not covered by\n\nsubsection (d) of this section or substantially similar law and any\n\nconfirmer or nominated person may decline to recognize a\n\npresentation under subsection (b) of this section.\n\n(f) A beneficiary whose name is changed after the issuance of a\n\nletter of credit has the same rights and obligations as a successor\n\nof a beneficiary under this section.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"85c073a012a4d585ba670c5dcf4c11762fb5fbfea6b45477492f348c94dab6e9","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-112","next":"us-ok/okla.-stat.-tit.-12a-12a-5-114"},"notice":"GroundRules: Original legal text. Not legal advice."}