Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) As used in this chapter: (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 […]
Effective: June 29, 2011 Latest Legislation: House Bill 9 – 129th General Assembly (A) This chapter 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 chapter does not by itself require, imply, or negate application of the […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly 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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) Except as otherwise provided in section 1305.08 of the Revised Code, an issuer shall honor a presentation that, as determined by the standard practice referred to in division (E) of this section, appears on its face strictly to comply with the […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) 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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) If its presentation is honored, the beneficiary warrants: (1) 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 division (A) of section 1305.08 of […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) 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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) Except as otherwise provided in section 1305.12 of the Revised Code, 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. […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (A) As used 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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly An action to enforce a right or obligation arising under this chapter 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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (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 […]
Effective: July 1, 1998 Latest Legislation: House Bill 338 – 122nd General Assembly (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 […]
Effective: July 1, 2001 Latest Legislation: Senate Bill 74 – 124th General Assembly (A) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation. (B) So long as and to the […]
