Wisconsin Code § 405.113

(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 sub. (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 s. 405.108 (5) 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 sub. (1) or (2) has the consequences specified
in s. 405.108 (9) 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 s. 405.109.
(5) An issuer whose rights of reimbursement are not covered
by sub. (4) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under sub.
(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.

‹ Prev All Wisconsin sections Next ›

Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.