Oregon Statutes - Chapter 75 - Letters of Credit
- 75.1010 Short title.
This chapter may be cited as Uniform Commercial Code–Letters of Credit. [1961 c.726 §75.1010]
- 75.1020 Definitions.
(1) As used in this chapter: (a) “Adviser” means a person who, at the request of the issuer, a confirmer or another adviser, notifies or...
- 75.1030 Application of chapter.
(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...
- 75.1040 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: (1) By...
- 75.1050 Consideration.
Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation. [1961 c.726 §75.1050; 1997 c.150 §8]
- 75.1060 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...
- 75.1070 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...
- 75.1080 Issuer’s rights and obligations.
(1) Except as provided in ORS 75.1090, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (5)...
- 75.1090 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...
- 75.1100 Warranties.
(1) If its presentation is honored, the beneficiary warrants: (a) To the issuer, any other person to whom presentation is made and to the applicant...
- 75.1110 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...
- 75.1120 Transfer of letter of credit.
(1) Except as provided in ORS 75.1130, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or...
- 75.1130 Successor of 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 name...
- 75.1140 Assignment of proceeds.
(1) As used in this section, “proceeds of a letter of credit” means the cash, check, accepted draft or other item of value paid or...
- 75.1150 Statute of limitations.
An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant...
- 75.1160 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...
- 75.1170 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...
- 75.1180 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...
Last modified: August 7, 2008