Article 870.1 Transferable (transferable) letter of credit

1. The execution of a letter of credit may be carried out by a person designated by the recipient of the funds if the conditions of the letter of credit provide for such execution and the implementing bank has expressed its consent to the letter of credit. (hereinafter referred to as the transferable (transferable) letter of credit) The recipient of the funds is entitled to determine the documents to be submitted by the person designated by him or her for the execution of the transfer. These documents may not be subject to the terms of the transferable (transferable) letter of credit. 2. The recipient of the funds has the right to indicate the person to whom the transferee is to be executed (transfer) a letter of credit (hereinafter referred to as the second recipient of the funds) until such time as it has submitted documents in accordance with the terms of the letter of credit in its favour in a statement to the implementing bank The recipient of the funds is entitled to identify several second recipients of the funds. 3. The second recipient of the funds is not entitled to indicate another person to whom the transferable accre is to be performed. 4. The manner and conditions for the execution of the transferable (transferable) letter of credit shall be determined by law, banking rules and the terms of the letter of credit.