{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-114","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-114","heading":"Assignment of Proceeds","body":"Assignment of Proceeds.\n\n(a) In this section, \"proceeds of a letter of credit\" means the\n\ncash, check, accepted draft, or other item of value paid or\n\ndelivered upon honor or giving of value by the issuer or any\n\nnominated person under the letter of credit. The term does not\n\ninclude a beneficiary's drawing rights or documents presented by the\n\nbeneficiary.\n\n(b) A beneficiary may assign its right to part or all of the\n\nproceeds of a letter of credit. The beneficiary may do so before\n\npresentation as a present assignment of its right to receive\n\nproceeds contingent upon its compliance with the terms and\n\nconditions of the letter of credit.\n\n(c) An issuer or nominated person need not recognize an\n\nassignment of proceeds of a letter of credit until it consents to\n\nthe assignment.\n\n(d) An issuer or nominated person has no obligation to give or\n\nwithhold its consent to an assignment of proceeds of a letter of\n\ncredit, but consent may not be unreasonably withheld if the assignee\n\npossesses and exhibits the letter of credit and presentation of the\n\nletter of credit is a condition to honor.\n\n(e) Rights of a transferee beneficiary or nominated person are\n\nindependent of the beneficiary's assignment of the proceeds of a\n\nletter of credit and are superior to the assignee's right to the\n\nproceeds.\n\n(f) Neither the rights recognized by this section between an\n\nassignee and an issuer, transferee beneficiary, or nominated person\n\nnor the issuer's or nominated person's payment of proceeds to an\n\nassignee or a third person affect the rights between the assignee\n\nand any person other than the issuer, transferee beneficiary, or\n\nnominated person. The mode of creating and perfecting a security\n\ninterest in or granting an assignment of a beneficiary's rights to\n\nproceeds is governed by Article 9 of this title or other law.\n\nAgainst persons other than the issuer, transferee beneficiary, or\n\nnominated person, the rights and obligations arising upon the\n\ncreation of a security interest or other assignment of a\n\nbeneficiary's right to proceeds and its perfection are governed by\n\nArticle 9 of this title or other law.","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":"90bb37444423203b1d7a5d99bfd0f201396fa1f437be120a563efde55e09d7d7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-113","next":"us-ok/okla.-stat.-tit.-12a-12a-5-115"},"notice":"GroundRules: Original legal text. Not legal advice."}