California Laws: Commercial Code Sections 5101-5118
- California Laws: Commercial Code Section 5101
This division may be cited as Uniform Commercial Code--Letters of Credit. ...
- California Laws: Commercial Code Section 5102
(a) In this division: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another...
- California Laws: Commercial Code Section 5103
(a) This division applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement...
- California Laws: Commercial Code Section 5104
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...
- California Laws: Commercial Code Section 5105
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. ...
- California Laws: Commercial Code Section 5106
(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...
- California Laws: Commercial Code Section 5107
(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...
- California Laws: Commercial Code Section 5108
(a) Except as otherwise provided in Section 5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subdivision...
- California Laws: Commercial Code Section 5109
(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...
- California Laws: Commercial Code Section 5110
(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...
- California Laws: Commercial Code Section 5111
(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...
- California Laws: Commercial Code Section 5112
(a) Except as otherwise provided in Section 5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw...
- California Laws: Commercial Code Section 5113
(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...
- California Laws: Commercial Code Section 5114
(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...
- California Laws: Commercial Code Section 5115
An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the relevant...
- California Laws: Commercial Code Section 5116
(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...
- California Laws: Commercial Code Section 5117
(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...
- California Laws: Commercial Code Section 5118
(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...
