§ 8.5A-115. Statute of limitations
An action to enforce a right or obligation arising under this title 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 action accrues when the breach occurs, regardless of the aggrieved party’s lack […]
§ 8.5A-104. Formal requirements
A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in § 8.5A-108(e). 1997, c. 343.
§ 8.5A-105. Consideration
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. 1997, c. 343.
§ 8.5A-106. Issuance, amendment, cancellation, and duration
(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 person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides. (b) After a letter of credit is issued, rights […]
§ 8.5A-107. Confirmer, nominated person, and adviser
(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 also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the […]
§ 8.5A-108. Issuer’s rights and obligations
(a) Except as otherwise provided in § 8.5A-109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in § 8.5A-113 and unless otherwise agreed with […]
§ 8.5A-101. Short title
This title may be cited as Uniform Commercial Code–Letters of Credit (1995). 1997, c. 343.
§ 8.5A-102. Definitions
(a) In this title: (1) “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. (2) “Applicant” means a person at whose request or for whose account a letter […]
§ 8.5A-103. Scope
(a) This title applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement of a rule in this title does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to […]