Under Article 48 of the UCP, a letter of credit is non-transferable unless so designated.

Name: Under Article 48 of the UCP, a letter of credit is non-transferable unless so designated.
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The statement is true according to Article 48 of the UCP (Uniform Customs and Practice for Documentary Credits). A letter of credit is generally non-transferable unless specifically designated as transferable.

Under Article 48 of the UCP, a Letter of Credit