California Commercial Code DIVISION 5 - LETTERS OF CREDIT

• Section 5101.
  This division may be cited as Uniform Commercial Code—Letters of Credit.(Repealed and added by Stats. 1996, Ch. 176, Sec. 7. Effective January 1, 1997.)
• Section 5102.
  (a) In this division:(1) “Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify...
• Section 5103.
  (a) This division applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.(b) The statement of a rule...
• Section 5104.
  A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (i) by...
• Section 5105.
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.(Repealed and added by Stats. 1996, Ch. 176, Sec....
• Section 5106.
  (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 to...
• Section 5107.
  (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 confirmation....
• Section 5108.
  (a) Except as otherwise provided in Section 5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subdivision (e),...
• Section 5109.
  (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...
• Section 5110.
  (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...
• Section 5111.
  (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 person...
• Section 5112.
  (a) Except as otherwise provided in Section 5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or...
• Section 5113.
  (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 of...
• Section 5114.
  (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 honor...
• Section 5115.
  An action to enforce a right or obligation arising under this article must be commenced within one year after the expiration date of the relevant...
• Section 5116.
  (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 agreement...
• Section 5117.
  (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...
• Section 5118.
  (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 or...

Last modified: October 22, 2018