New York Uniform Commercial Code Law Article 5 - LETTERS OF CREDIT

• 5-101 - Short Title.
  Section 5--101. Short title. This article may be cited as "Uniform Commercial Code--Letters of Credit".
• 5-102 - Definitions.
  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...
• 5-103 - Scope.
  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....
• 5-104 - Formal Requirements.
  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...
• 5-105 - Consideration.
  Section 5--105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
• 5-106 - Issuance, Amendment, Cancellation, and Duration.
  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...
• 5-107 - Confirmer, Nominated Person, and Advisor.
  Section 5--107. Confirmer, nominated person, and advisor. (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of...
• 5-108 - Issuer's Rights and Obligations.
  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...
• 5-109 - Fraud and Forgery.
  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...
• 5-110 - Warranties.
  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...
• 5-111 - Remedies.
  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,...
• 5-112 - Transfer of Letter of Credit.
  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,...
• 5-113 - Transfer by Operation of Law.
  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...
• 5-114 - Assignment of Proceeds.
  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...
• 5-115 - Statute of Limitations.
  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...
• 5-116 - Choice of Law and Forum.
  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...
• 5-117 - Subrogation of Issuer, Applicant, and Nominated Person.
  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...
• 5-118 - Security Interest of Issuer or Nominated Person.
  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...
• 5-119 - Applicability.
  Section 5--119. Applicability. This article applies to a letter of credit that is issued on or after the effective date of this article. This article...
• 5-120 - Savings Clause.
  Section 5--120. Savings clause. A transaction arising out of or associated with a letter of credit that was issued before the effective date of this...

Last modified: February 3, 2019