400.5-113. Successor of beneficiary, rights.

MISSOURI STATUTES AND CODES

400.5-113. Successor of beneficiary, rights.

Successor of beneficiary, rights.

400.5-113. (a) A successor of a beneficiary may consent toamendments, sign and present documents and receive payment or other itemsof value in the name of the beneficiary without disclosing its status as asuccessor.

(b) A successor of a beneficiary may consent to amendments, sign andpresent documents and receive payment or other items of value in its ownname as the disclosed successor of the beneficiary. Except as otherwiseprovided in subsection (e), an issuer shall recognize a disclosed successorof a beneficiary as beneficiary in full substitution for its predecessorupon compliance with the requirements for recognition by the issuer of atransfer of drawing rights by operation of law under the standard practicereferred to in section 400.5-108(e) or, in the absence of such a practice,compliance with other reasonable procedures sufficient to protect theissuer.

(c) An issuer is not obliged to determine whether a purportedsuccessor is a successor of a beneficiary or whether the signature of apurported successor is genuine or authorized.

(d) Honor of a purported successor's apparently complyingpresentation under subsection (a) or (b) has the consequences specified insection 400.5-108(i) even if the purported successor is not the successorof a beneficiary. Documents signed in the name of the beneficiary or of adisclosed successor by a person who is neither the beneficiary nor thesuccessor of the beneficiary are forged documents for the purposes ofsection 400.5-109.

(e) An issuer whose rights of reimbursement are not covered bysubsection (d) or substantially similar law and any confirmer or nominatedperson may decline to recognize a presentation under subsection (b).

(f) A beneficiary whose name is changed after the issuance of aletter of credit has the same rights and obligations as a successor of abeneficiary under this section.