Illinois Compiled Statutes 810 Commercial Code: Article 5 - Letters Of Credit

• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-101
  Short title. This Article may be cited as Uniform Commercial Code--Letters of Credit. (Source: P.A. 89-534, eff. 1-1-97.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-102
  Definitions. (a) In this Article: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-103
  Scope. (a) This Article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-105
  Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. (Source: P.A. 89-534, eff. 1-1-97.)
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-108
  Issuer's rights and obligations. (a) Except as otherwise provided in Section 5-109, an issuer shall honor a presentation that, as determined by the standard...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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,...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-112
  Transfer of letter of credit. (a) Except as otherwise provided in Section 5-113, unless a letter of credit provides that it is transferable, the...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 5-115
  Statute of limitations. An action to enforce a right or obligation arising under this Article must be commenced within one year after the expiration...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...
• Illinois Uniform Commercial Code. - 810 ILCS 5, Section 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...

Last modified: February 18, 2015