26-1-5.1-113. Successors of Beneficiaries; Rights; Recognition
Sec. 113. (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 beneficiary without disclosing its status as a successor. (b) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or […]
26-1-5.1-114. Proceeds of Letter of Credit; Assignment
Sec. 114. (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 value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary’s drawing rights or documents […]
26-1-4.1-506. Rate of Interest
Sec. 506. (a) If, under IC 26-1-4.1, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment order is transmitted through a […]
26-1-5.1-115. Statute of Limitations
Sec. 115. An action to enforce a right or obligation arising under IC 26-1-5.1 must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of […]
26-1-4.1-507. Choice of Law
Sec. 507. (a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies: (1) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located. (2) The rights and obligations between the […]
26-1-5.1-116. Applicable Law Regarding Liability of Issuer; Choice of Forum
Sec. 116. (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 form of a record signed or otherwise authenticated by the affected parties in the manner provided in IC 26-1-5.1-104 or by a provision in the […]
26-1-5.1-101. Short Title; Scope
Sec. 101. (a) IC 26-1-5.1 shall be known and may be cited as Uniform Commercial Code ─ Letters of Credit. (b) IC 26-1-5.1 applies to a letter of credit that is issued after June 30, 1996, and does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter […]
26-1-5.1-117. Rights of Subrogation
Sec. 117. (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 obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of […]
26-1-5.1-102. Definitions
Sec. 102. (a) In IC 26-1-5.1: (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 […]
26-1-5.1-103. Applicability to Ic 26-1-8.1; Ability to Vary by Agreement; Independence of Rights and Obligations Under Letter of Credit
Sec. 103. (a) IC 26-1-8.1 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 IC 26-1-5.1 does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, […]