We usually talk about the ‘proceeds’ of the SLOC and the beneficiary is able to do this. However, only the original beneficiary may exercise the drawer rights under the instrument and demand payment unless something different is agreed. Only when the beneficiary has demanded payment, will the assignee then receive the proceeds (after an assignment has taken place). The Issuing Bank will need to be provided with notice or the issuing bank would pay funds to the original beneficiary and not the new assignee. Conversely, the only way an SLOC can be transferred is with consent of the written agreement of both the beneficiary and the issuing bank.