Ohio § 1305.12
Full text of Ohio Ohio Revised Code § 1305.12, with citation guidance and answers to common questions.
§ 1305.12.
(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 division (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 division (E) of section 1305.07 of the Revised Code 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 division
(A) or (B) of this section has the consequences specified in division (I) of section 1305.07 of the Revised Code 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 section 1305.08 of the Revised Code . (E) An issuer whose rights of reimbursement are not covered by division (D) of this section
or substantially similar law and any confirmer or nominated person may decline to
recognize a presentation under division (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.
Frequently Asked Questions About Ohio § 1305.12
What does Ohio Revised Code § 1305.12 cover?
Section 1305.12 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1305.12?
A common citation format is "Ohio Revised Code § 1305.12" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1305.12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.