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Issuance, amendment, cancellation and duration - 13 Pa. Cons. Stat. § 5106

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     § 5106.  Issuance, amendment, cancellation and duration.
        (a)  Issuance; revocability.--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 if it so provides.
        (b)  Effect of amendment or cancellation in certain
     circumstances.--After a letter of credit is issued, rights and
     obligations of a beneficiary, applicant, confirmer and issuer
     are not affected by an amendment or cancellation to which that
     person has not consented except to the extent the letter of
     credit provides that it is revocable or that the issuer may
     amend or cancel the letter of credit without that consent.
        (c)  No stated expiration date.--If there is no stated
     expiration date or other provision that determines its duration,
     a letter of credit expires one year after its stated date of
     issuance or, if none is stated, after the date on which it is
     issued.
        (d)  Perpetual letters of credit.--A letter of credit that
     states that it is perpetual expires five years after its stated
     date of issuance or, if none is stated, after the date on which
     it is issued.

        Special Provisions in Appendix.  See section 28 of Act 18 of
     2001 in the appendix to this title for special provisions
     relating to applicability of transitional provisions.
        Cross References.  Section 5106 is referred to in sections
     5103, 9700 of this title.

Last modified: November 27, 2007