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This Article shall be known and may be cited as Uniform Commercial Code — Letters of Credit.
Tagged topics: letters of credit
This Article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. The statement of a rule in this Article does not by itself require, imply, or negate application of the same or...
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 letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by a signature or in accordance with the agreement of the parties or the standard practice referred to in 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
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 person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provi...
Tagged topics: letters of credit
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 also has rights against and obligations to the issuer as if the issuer were an applicant and the c...
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
Except as otherwise provided in section 554.5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection 5, appears on its face strictly to comply with the terms and conditions of the letter of ...
Tagged topics: letters of credit
If its presentation is honored, the beneficiary warrants: to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in section 554.5109, subsection 1; and to the applicant...
Tagged topics: letters of credit