New Jersey § 12a:5-113

§ 12a:5-113.

a. 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. b. 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 e. of this section, 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 e. of 12A:5-108 or, in the absence of such a practice, compliance

with other reasonable procedures sufficient to protect the issuer. c. 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. d. Honor of a purported successor's apparently complying presentation under subsection

a. or b. of this section has the consequences specified in subsection i. of 12A:5-108

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 12A:5-109. e. An issuer whose rights of reimbursement are not covered by subsection d. of this

section or substantially similar law and any confirmer or nominated person may decline

to recognize a presentation under subsection b. of this section. f. 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.