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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 obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent...
Tagged topics: letters of credit
If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the s...
Tagged topics: letters of credit
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
Tagged topics: letters of credit
This Article shall be known and may be cited as Uniform Commercial Code — Letters of Credit.
Tagged topics: letters of credit
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 forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by ...
Tagged topics: letters of credit
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 value by the issuer or any nominated person under the letter of credit. The term does not inc...
Tagged topics: letters of credit
In this Article unless the context otherwise requires: “Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issu...
Tagged topics: letters of credit
A state credit union may provide its members with share draft accounts. “Share draft” means a negotiable draft which is payable upon demand and is used to withdraw funds from a share draft account. A share draft is an item for purposes of chapter 55...
Tagged topics: share drafts
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 beneficiary without disclosing its status as a successor. A successor of a beneficiary may consent to am...
Tagged topics: letters of credit
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 credit or one year after the cause of action accrues, whichever occurs later. A cause of acti...
Tagged topics: letters of credit