Arkansas Code Title 4, Subtitle 1, Chapter 5 - Letters of Credit

• § 4-5-101 - Short Title.
  This chapter may be cited as Uniform Commercial Code--Letters of Credit.
• § 4-5-102 - 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...
• § 4-5-103 - 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...
• § 4-5-104 - 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 (i)...
• § 4-5-105 - Consideration.
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
• § 4-5-106 - 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...
• § 4-5-107 - 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...
• § 4-5-108 - Issuer's Rights and Obligations.
  (a) Except as otherwise provided in § 4-5-109, an issuer shall honor a presentation that, as determined by the standard practice referred to in...
• § 4-5-109 - 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,...
• § 4-5-110 - 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...
• § 4-5-111 - 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...
• § 4-5-112 - Transfer of Letter of Credit.
  (a) Except as otherwise provided in § 4-5-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to...
• § 4-5-113 - 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...
• § 4-5-114 - 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...
• § 4-5-115 - Statute of Limitations.
  An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of...
• § 4-5-116 - Choice of Law and Forum.
  (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by...
• § 4-5-117 - 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...
• § 4-5-118 - 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...
• § 4-5-119 - Applicability.
  This chapter applies to a letter of credit that is issued on or after August 1, 1997. This chapter does not apply to a...
• § 4-5-120 - Savings Clause.
  A transaction arising out of or associated with a letter of credit that was issued before August 1, 1997 and the rights, obligations, and...

Last modified: November 15, 2016