Oregon Law
Law as of Jan 1, 2026
Chapter contents
75.1010Short title 75.1020Definitions 75.1030Application of chapter 75.1040Formal requirements 75.1050Consideration 75.1060Issuance, amendment, cancellation and duration 75.1070Confirmer, nominated person and adviser 75.1080Issuer’s rights and obligations 75.1090Fraud and forgery 75.1100Warranties 75.1110Remedies 75.1120Transfer of letter of credit 75.1130Successor of beneficiary 75.1140Assignment of proceeds 75.1150Statute of limitations 75.1160Choice of law and forum 75.1170Subrogation of issuer, applicant and nominated person 75.1180Security interest of issuer or nominated person

Chapter 75 — Letters of Credit

ORS 75.1120 Transfer of letter of credit

(1)

Except as provided in ORS 75.1130, 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.

(2)

Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:

(a)

The transfer would violate applicable law; or

(b)

The 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 that is within the standard practice referred to in ORS 75.1080 (5) or is otherwise reasonable under the circumstances.

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