Florida Statutes Title XXXIX Chapter 675 - Uniform Commercial Code: Letters Of Credit

• 675.101 - Short Title.
  This chapter may be cited as the “Uniform Commercial Code—Letters of Credit.”History.—s. 1, ch. 65-254; s. 1, ch. 99-137.Note.—s. 5-101, U.C.C.
• 675.102 - Scope.
  (1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.(2) The statement of a rule...
• 675.103 - Definitions.
  (1) For purposes of this chapter:(a) “Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser...
• 675.104 - 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 by a...
• 675.105 - Consideration.
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.History.—s. 1, ch. 65-254; s. 1, ch. 99-137.Note.—s. 5-105,...
• 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...
• 675.107 - Confirmer, Nominated Person, And Adviser.
  (1) 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....
• 675.108 - Issuer’s Rights And Obligations.
  (1) Except as otherwise provided in s. 675.109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (5),...
• 675.109 - Fraud And Forgery.
  (1) 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...
• 675.110 - Warranties.
  (1) If a beneficiary’s presentation is honored, the beneficiary warrants:(a) To the issuer, any other person to whom presentation is made, and the applicant that there is...
• 675.111 - Remedies.
  (1) 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...
• 675.112 - Transfer Of Letter Of Credit.
  (1) Except as otherwise provided in s. 675.113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or...
• 675.113 - Transfer By Operation Of Law.
  (1) 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...
• 675.114 - Assignment Of Proceeds.
  (1) For purposes of this section, the term “proceeds of a letter of credit” means the cash, check, accepted draft, or other item of value paid...
• 675.115 - Statute Of Limitations.
  An action to enforce a right or obligation arising under this chapter must be commenced within 1 year after the expiration date of the relevant...
• 675.116 - Choice Of Law And Forum.
  (1) 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...
• 675.117 - Subrogation Of Issuer, Applicant, And Nominated Person.
  (1) 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...
• 675.118 - Applicability Of Ch. 99-137.
  (1) This act applies to any letter of credit that is issued on or after July 1, 1999. This act does not apply to any transaction,...
• 675.1181 - Security Interest Of Issuer Or Nominated Person.
  (1) 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: September 23, 2016