Georgia Code, Title 11, Article 5 - Letters of Credit

• § 11-5-101 - Short Title
  This article may be cited as "Uniform Commercial Code -- Letters of Credit."
• § 11-5-102 - Definitions
  (a) As used in this article, the term: (1) "Adviser" means a person who at the request of the issuer, a confirmer, or another...
• § 11-5-103 - (for Effective Date, See Note.) Scope
  (a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.(b) The statement...
• § 11-5-104 - 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: (1)...
• § 11-5-105 - Consideration
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
• § 11-5-106 - 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...
• § 11-5-107 - 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...
• § 11-5-108 - Issuer's Rights and Obligations
  (a) Except as otherwise provided in Code Section 11-5-109, an issuer shall honor a presentation that, as determined by the standard practice referred to...
• § 11-5-109 - Fraud and Forgery
  (a) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit,...
• § 11-5-110 - Warranties
  (a) If its presentation is honored, the beneficiary warrants: (1) To the issuer, any other person to whom presentation is made, and the applicant...
• § 11-5-111 - Remedies
  (a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or...
• § 11-5-112 - Transfer of Letter of Credit
  (a) Except as otherwise provided in Code Section 11-5-113, unless a letter of credit provides that it is transferable the right of a beneficiary...
• § 11-5-113 - Transfer by Operation of Law
  (a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the...
• § 11-5-114 - Assignment of Proceeds
  (a) As used in this Code section, the term "proceeds of a letter of credit" means the cash, check, accepted draft, or other item...
• § 11-5-115 - Statute of Limitations
  An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the...
• § 11-5-116 - Choice of Law and Forum
  (a) The liability of an issuer, nominated person, or adviser for any action or omission is governed by the law of the jurisdiction chosen...
• § 11-5-117 - Subrogation of Issuer, Applicant, and Nominated Person
  (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...
• § 11-5-118 - Security Interest of Issuer or Nominated Person
  (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the...

Last modified: October 14, 2016