Nevada § 104.5113 - Transfer by operation of law

§ 104.5113. Transfer by operation of law

1. A successor of a beneficiary may consent to amendments, sign and present documents,

and receive payment or other items of value in the name of the beneficiary without

disclosing its status as a successor. 2. A successor of a beneficiary may consent to amendments, sign and present documents,

and receive payment or other items of value in its own name as the disclosed successor

of the beneficiary. Except as otherwise provided in subsection 5, an issuer shall recognize a disclosed

successor of a beneficiary as beneficiary in full substitution for its predecessor

upon compliance with the requirements for recognition by the issuer of a transfer

of drawing rights by operation of law under the standard practice referred to in subsection

5 of NRS 104.5108 or, in the absence of such a practice, compliance with other reasonable procedures

sufficient to protect the issuer. 3. An issuer is not obliged to determine whether a purported successor is a successor

of a beneficiary or whether the signature of a purported successor is genuine or authorized. 4. Honor of a purported successor's apparently complying presentation under subsection

1 or 2 has the consequences specified in subsection 9 of NRS 104.5108 even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person

who is neither the beneficiary nor the successor of the beneficiary are forged documents

for the purposes of NRS 104.5109 . 5. An issuer whose rights of reimbursement are not covered by subsection 4 or substantially

similar law and any confirmer or nominated person may decline to recognize a presentation

under subsection 2. 6. A beneficiary whose name is changed after the issuance of a letter of credit has

the same rights and obligations as a successor of a beneficiary under this section.