1. The beneficiary may not assign the letter of credit in whole or in part to another person or persons, save with an express authorization to that effect from the bank and provided it is expressly stipulated in the letter of credit. 2. The bank may not divide the performance of the letter of credit, except with the authorization of the person ordering the opening of the letter of credit. 3. The assignment may be made only once, unless the contract for opening of the letter of credit stipulates otherwise. 4. The assignment shall be made by endorsing the letter of credit if it is promissory or by receiving it if it is to bearer, but in case it is nominative, the procedures of the assignment shall apply.
Interpretation and application must be checked against the official text and current version.