California Commercial Code Division 5 - Letters of Credit

  • Section 5101.
    This division may be cited as Uniform Commercial Code Letters of Credit.(Repealed and added by Stats. 1996, Ch. 176, Sec. 7. Effective January 1, 1997.)
  • 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 adviser...
  • 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 of...
  • 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...
  • Section 5105.
    Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.(Repealed and added by Stats. 1996, Ch. 176, Sec....
  • 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...
  • 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...
  • 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...
  • 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...
  • 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 there...
  • 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...
  • 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...
  • 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...
  • 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...
  • 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...
  • 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...
  • 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...
  • 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...

Last modified: September 9, 2016