Alaska Statutes Title 45, Chapter 45.05 - Letters of Credit

• Sec. 45.05.002 - 45.05.018 [Renumbered As As 45.01.101 - 45.01.109].
  
  Repealed or Renumbered
• Sec. 45.05.020 - 45.05.034 [Renumbered As As 45.01.201 - 45.01.208].
  
  Repealed or Renumbered
• Sec. 45.05.036 - 45.05.048 [Renumbered As As 45.02.101 - 45.02.107].
  
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• Sec. 45.05.050 - 45.05.068 [Renumbered As As 45.02.201 - 45.02.210].
  
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• Sec. 45.05.070 - 45.05.100 [Renumbered As As 45.02.301 - 45.02.316].
  
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• Sec. 45.05.101 Short Title.
  This chapter shall be known and may be cited as Uniform Commercial Code - Letters of Credit.
• Sec. 45.05.102 Definitions.
  (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...
• Sec. 45.05.103 Scope.
  (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...
• Sec. 45.05.104 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) by...
• Sec. 45.05.105 Consideration.
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
• Sec. 45.05.106 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...
• Sec. 45.05.107 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...
• Sec. 45.05.108 Issuer's Rights and Obligations.
  (a) Except as otherwise provided in AS 45.05.109 , an issuer shall honor a presentation that, as determined by the standard practice referred to...
• Sec. 45.05.109 Fraud and Forgery.
  (a) If a presentation is made that appears on its face to comply strictly with the terms and conditions of the letter of credit,...
• Sec. 45.05.110 Warranties.
  (a) If its presentation is honored, the beneficiary warrants to(1) the issuer, another person to whom presentation is made, and the applicant that there...
• Sec. 45.05.111 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...
• Sec. 45.05.112 Transfer of Letter of Credit.
  (a) Except as otherwise provided in AS 45.05.113 , unless a letter of credit provides that it is transferable, the right of a beneficiary...
• Sec. 45.05.113 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...
• Sec. 45.05.114 Assignment of Proceeds.
  (a) In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered...
• Sec. 45.05.115 Statute of Limitations.
  An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the...
• Sec. 45.05.116 Choice of Law and Forum.
  (a) The liability of an issuer, nominated person, or adviser for an action or omission is governed by the law of the jurisdiction chosen...
• Sec. 45.05.117 Subrogation of Issuer, Applicant, and Nominated Person.
  (a) An issuer who honors a beneficiary's presentation is subrogated to the rights of(1) the beneficiary to the same extent as if the issuer...
• Sec. 45.05.118 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...
• Sec. 45.05.120 - 45.05.124 [Renumbered As As 45.02.326 - 45.02.328].
  
  Repealed or Renumbered
• Sec. 45.05.125 [Renumbered As As 45.02.350 ].
  
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• Sec. 45.05.126 - 45.05.130 [Renumbered As As 45.02.401 - 45.02.403].
  
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• Sec. 45.05.132 - 45.05.160 [Renumbered As As 45.02.501 - 45.02.515].
  
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• Sec. 45.05.162 - 45.05.192 [Renumbered As As 45.02.601 - 45.02.616].
  
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• Sec. 45.05.194 - 45.05.242 [Renumbered As As 45.02.701 - 45.02.725].
  
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• Sec. 45.05.246 - 45.05.288 [Renumbered As As 45.03.101 - 45.03.122].
  
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• Sec. 45.05.290 - 45.05.304 [Renumbered As As 45.03.201 - 45.03.208].
  
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• Sec. 45.05.306 - 45.05.318 [Renumbered As As 45.03.301 - 45.03.307].
  
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• Sec. 45.05.320 - 45.05.356 [Renumbered As As 45.03.401 - 45.03.419].
  
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• Sec. 45.05.358 - 45.05.378 [Renumbered As As 45.03.501 - 45.03.511].
  
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• Sec. 45.05.380 - 45.05.390 [Renumbered As As 45.03.601 - 45.03.606].
  
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• Sec. 45.05.392 [Renumbered As As 45.03.701 ].
  
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• Sec. 45.05.394 - 45.05.402 [Renumbered As As 45.03.801 - 45.03.805].
  
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• Sec. 45.05.404 - 45.05.418 [Renumbered As As 45.04.101 - 45.04.108].
  
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• Sec. 45.05.420 - 45.05.446 [Renumbered As As 45.04.201 - 45.04.214].
  
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• Sec. 45.05.448 - 45.05.452 [Renumbered As As 45.04.301 - 45.04.303].
  
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• Sec. 45.05.454 - 45.05.468 [Renumbered As As 45.04.401 - 45.04.408].
  
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• Sec. 45.05.470 - 45.05.474 [Renumbered As As 45.04.502 - 45.04.504].
  
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• Sec. 45.05.476 - 45.05.508 [Renumbered As As 45.05.101 - 45.05.117].
  
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• Sec. 45.05.510 - 45.05.530 [Renumbered As As 45.06.101 - 45.06.111].
  
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• Sec. 45.05.532 - 45.05.540 [Renumbered As As 45.07.101 - 45.07.105].
  
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• Sec. 45.05.542 - 45.05.560 [Renumbered As As 45.07.201 - 45.07.210].
  
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• Sec. 45.05.562 - 45.05.578 [Renumbered As As 45.07.301 - 45.07.309].
  
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• Sec. 45.05.580 - 45.05.586 [Renumbered As As 45.07.401 - 45.07.404].
  
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• Sec. 45.05.588 - 45.05.604 [Renumbered As As 45.07.501 - 45.07.509].
  
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• Sec. 45.05.606 - 45.05.610 [Renumbered As As 45.07.601 - 45.07.603].
  
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• Sec. 45.05.611 [Renumbered As As 45.07.650 ].
  
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• Sec. 45.05.612 - 45.05.622 [Renumbered As As 45.08.101 - 45.08.106].
  
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• Sec. 45.05.624 - 45.05.638 [Renumbered As As 45.08.201 - 45.08.208].
  
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• Sec. 45.05.640 - 45.05.677 [Renumbered As As 45.08.301 - 45.08.320].
  
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• Sec. 45.05.678 - 45.05.688 [Renumbered As As 45.08.401 - 45.08.406].
  
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• Sec. 45.05.690 - 45.05.714 [Renumbered As As 45.09.101 - 45.09.113].
  
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• Sec. 45.05.716 - 45.05.730 [Renumbered As As 45.09.201 - 45.09.208].
  
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• Sec. 45.05.732 - 45.05.766 [Renumbered As As 45.09.301 - 45.09.318].
  
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• Sec. 45.05.768 - 45.05.780 [Renumbered As As 45.09.401 - 45.09.407].
  
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• Sec. 45.05.782 - 45.05.794 [Renumbered As As 45.09.501 - 45.09.507].
  
  Repealed or Renumbered

Last modified: November 15, 2016