Michigan Compiled Laws 174-1962-5 Article 5 Letters Of Credit (440.5101...440.5118)

• Section 440.5101 Uniform Commercial Code—letters Of Credit; Short Title Of Article.
  This article may be cited as uniform commercial code—letters of credit. History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488,...
• Section 440.5102 Definitions.
  (1) As used in this article: (a) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies...
• Section 440.5103 Letters Of Credit; Scope Of Article.
  (1) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (2) The...
• Section 440.5104 Issuance; Authentication.
  A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by...
• Section 440.5105 Consideration.
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. History: 1962, Act 174, Eff. Jan. 1,...
• Section 440.5106 Credit; Issuance; Enforcement; Revocation; Expiration.
  (1) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits...
• Section 440.5107 Confirmation; Rights And Obligations; Request To Advise; Notice To Transferee Beneficiary.
  (1) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of...
• Section 440.5108 Honoring Or Dishonoring Presentation.
  (1) Except as otherwise provided in section 5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in...
• Section 440.5109 Forged Or Fraudulent Document; Injunction; Findings Of Court.
  (1) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit,...
• Section 440.5110 Warranties On Presentment Or Transfer.
  (1) If presentation is honored, the beneficiary warrants: (a) To the issuer, any other person to whom presentation is made, and the applicant that...
• Section 440.5111 Wrongful Dishonor, Repudiation, Or Breach; Rights Of Claimant Or Applicant; Liability Of Issuer, Nominated Person, Or Adviser; Attorney Fees; Liquidated Damages.
  (1) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or...
• Section 440.5112 Right To Draw Or Demand Performance Under Letter Of Credit; Transfer.
  (1) Except as otherwise provided in section 5113, unless a letter of credit provides that it is transferable, the right of a beneficiary to...
• Section 440.5113 Rights Of Successor Beneficiary.
  (1) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the...
• Section 440.5114 Proceeds Of Letter Of Credit.
  (1) In this section, “proceeds of a letter of credit” means the cash, check, accepted draft, or other item of value paid or delivered...
• Section 440.5115 Commencement Of Action.
  An action to enforce a right or obligation arising under this article must be commenced within 1 year after the expiration date of the...
• Section 440.5116 Jurisdiction; 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...
• Section 440.5117 Rights Of Subrogation.
  (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...
• Section 440.5118 Document Presented Under Letter Of Credit; 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...

Last modified: October 10, 2016