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State Law
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Texas Business & Commerce Code - Chapter 5 Letters Of CreditLegal Research Home > Texas Lawyer > Business & Commerce Code > Texas Business & Commerce Code - Chapter 5 Letters Of Credit This chapter may be cited as Uniform Commercial Code--Letters of Credit. Amended by Acts 1999, 76th Leg., ch. 4, § 1, eff. Sept. 1, 1999. ... (a) in this chapter: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another ... (a) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement ... A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated: (1) by ... Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. Amended by Acts 1999, 76th Leg., ch. 4, ... (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 ... (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 ... (a) Except as otherwise provided in Section 5.109, an issuer shall honor a presentation that, as determined by the standard practice referred to in Subsection ... (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 ... (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 ... (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 ... (a) Except as otherwise provided in Section 5.113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw ... (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 ... (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 ... An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant ... (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 ... (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 ... (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: August 10, 2007 |