Ohio Revised Code Chapter 1305 - Letters Of Credit

• Section 1305.01 - Definitions - Ucc 5-102.
  (A) As used in this chapter: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies...
• Section 1305.02 - Scope - Ucc 5-103.
  (A) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (B) The...
• Section 1305.03 - Formal Requirements - Ucc 5-104.
  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 1305.04 - Consideration - Ucc 5-105.
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. Effective Date: 07-01-1998
• Section 1305.05 - Issuance, Amendment, Cancellation, And Duration - Ucc 5-106.
  (A) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits...
• Section 1305.06 - Confirmer, Nominated Person, And Adviser - Ucc 5-107.
  (A) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of...
• Section 1305.07 - Issuer's Rights And Obligations - Ucc 5-108.
  (A) Except as otherwise provided in section 1305.08 of the Revised Code, an issuer shall honor a presentation that, as determined by the standard...
• Section 1305.08 - Fraud And Forgery - Ucc 5-109.
  (A) If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit,...
• Section 1305.09 - Warranties - Ucc 5-110.
  (A) If its presentation is honored, the beneficiary warrants: (1) To the issuer, any other person to whom presentation is made, and the applicant...
• Section 1305.10 - Remedies - Ucc 5-111.
  (A) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or...
• Section 1305.11 - Transfer Of Letter Of Credit - Ucc 5-112.
  (A) Except as otherwise provided in section 1305.12 of the Revised Code, unless a letter of credit provides that it is transferable, the right...
• Section 1305.12 - Transfer By Operation Of Law - Ucc 5-113.
  (A) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the...
• Section 1305.13 - Assignment Of Proceeds - Ucc 5-114.
  (A) As used in this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid...
• Section 1305.14 - Statute Of Limitations - Ucc 5-115.
  An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the...
• Section 1305.15 - Choice Of Law And Forum - Ucc 5-116.
  (A) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by...
• Section 1305.16 - Subrogation Of Issuer, Applicant, And Nominated Person - Ucc 5-117.
  (A) 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 1305.17 - [Repealed].
  Effective Date: 07-01-1962
• Section 1305.18 - Security Interest Of Issuer Or Nominated Person - Ucc 5-118.
  (A) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the...
• Section 1305.19 To 1305.58 - [Repealed].
  Effective Date: 07-01-1962

Last modified: October 10, 2016