The 2023 Florida Statutes (including Special Session C)

Title XXXIX
COMMERCIAL RELATIONS

Chapter 675
UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT

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F.S. 675.112

675.112 Transfer of letter of credit.—

(1) Except as otherwise provided in s. 675.113, 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 which is within the standard practice referred to in s. 675.108(5) or is otherwise reasonable under the circumstances.

History.—s. 1, ch. 65-254; s. 617, ch. 97-102; s. 1, ch. 99-137.

Note.—s. 5-112, U.C.C.; supersedes s. 676.07.

F.S. 675.112 on Google Scholar

F.S. 675.112 on Casetext

Amendments to 675.112

Arrestable Offenses / Crimes under Fla. Stat. 675.112

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 675.112.

Annotations, Discussions, Cases:

Cases from cite.case.law:

BANCO DO BRASIL, S. A. v. CITY NATIONAL BANK OF MIAMI,, 609 So. 2d 689 (Fla. Dist. Ct. App. 1992)

. . . (citations omitted); § 675.112(l)(a), Fla. Stat. (1991). . . .

REPUBLIC NATIONAL BANK OF MIAMI, a v. FIDELITY AND DEPOSIT COMPANY OF MARYLAND, a, 894 F.2d 1255 (11th Cir. 1990)

. . . . §~ 675.112, .114(1). . . . See Fla.Stat. § 675.112. . . . See Fla.Stat. § 675.112. . . .

AMERICAN NATIONAL BANK, v. CASHMAN BROTHERS MARINE CONTRACTING,, 550 So. 2d 98 (Fla. Dist. Ct. App. 1989)

. . . upon receiving the original letter and the nonconforming document, deferred honor pursuant to section 675.112 . . . Section 675.112(l)(a) provides that upon presentment of a demand for payment, a bank may defer honor . . . Section 675.112(2) provides: (2) Upon dishonor the bank may unless otherwise instructed fulfill its duty . . . Official Comment 1 to section 5-112 of the Uniform Commercial Code, codified in Florida as section 675.112 . . .