675.106 Issuance, amendment, cancellation, and duration.—
(1) 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.
(2) 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.
(3) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires 1 year after its stated date of issuance or, if none is stated, after the date on which it is issued.
(4) A letter of credit that states that it is perpetual expires 5 years after its stated date of issuance or, if none is stated, after the date on which it is issued.
History.—s. 1, ch. 65-254; s. 615, ch. 97-102; s. 1, ch. 99-137.
Note.—s. 5-106, U.C.C.
Section: Previous 675.101 675.102 675.103 675.104 675.105 675.106 675.107 675.108 675.109 675.110 675.111 675.112 675.113 675.114 675.115 NextLast modified: September 23, 2016