§490:5-110 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, that there is no fraud or forgery of the kind described in section 490:5-109(a); and
(2) To the applicant, that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
(b) The warranties in subsection (a) are in addition to warranties arising under articles 3, 4, 7, and 8 because of the presentation or transfer of documents covered by any of those articles. [L 1996, c 39, pt of §1]
Section: Previous 490-5-103 490-5-104 490-5-105 490-5-106 490-5-107 490-5-108 490-5-109 490-5-110 490-5-111 490-5-112 490-5-113 490-5-114 490-5-115 490-5-116 490-5-117 NextLast modified: October 27, 2016