§ 47-5-109. Fraud and Forgery
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 the beneficiary on the issuer or applicant: the issuer shall honor the […]
§ 47-5-110. Warranties
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 § 47-5-109(a); and to the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any […]
§ 47-5-111. Remedies
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 subject of the dishonor or repudiation. If the issuer’s obligation under the letter of credit […]
§ 47-5-112. Transfer of Letter of Credit
Except as otherwise provided in § 47-5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or […]
§ 47-5-113. Transfer by Operation of Law
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 amendments, sign and present documents, and receive payment or other items of value […]
§ 47-5-101. Short Title
This article may be cited as Uniform Commercial Code — Letters of Credit.
§ 47-5-102. Definitions
In this article: “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 issued, confirmed or amended; “Applicant” means a person at whose request or for whose account a letter of credit is […]
§ 47-5-103. Scope
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 a different rule to a situation not provided for, or to a person […]