DIVISION 5. LETTERS OF CREDIT [5101. - 5118.]
Division 5 repealed and added by Stats. 1996, Ch. 176, Sec. 7.
§§ 5101–5118 · 18 sections
- § 5101 This division may be cited as Uniform Commercial Code—Letters of Credit.
- § 5102 (a) In this division: (1) “Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to…
- § 5103 (a) This division applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement…
- § 5104 A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.
- § 5105 Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
- § 5106 (a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the…
- § 5107 (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer…
- § 5108 (a) Except as otherwise provided in Section 5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subdivision…
- § 5109 (a) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is…
- § 5110 (a) If its presentation is honored, the beneficiary warrants: (1) to the issuer, any other person to whom presentation is made, and the applicant that there is…
- § 5111 (a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or…
- § 5112 (a) Except as otherwise provided in Section 5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise…
- § 5113 (a) 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…
- § 5114 (a) In this section, “proceeds of a letter of credit” means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of…
- § 5115 An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the relevant letter of…
- § 5116 (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the…
- § 5117 (a) An issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary…
- § 5118 (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person…