13 Pennsylvania Consolidated Statutes Chapter 51 - Letters Of Credit

• Chapter Notes
• Section 5101 - Short Title Of Division
  This division shall be known and may be cited as the Uniform Commercial Code, Article 5, Letters of Credit. Special Provisions in Appendix. See...
• Section 5102 - Definitions
  (a) Definitions.--The following words and phrases when used in this division shall have the meanings given to them in this subsection: "Adviser." A person...
• Section 5103 - Scope
  (a) Applicability of division.--This division applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit....
• Section 5104 - 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)...
• Section 5105 - Consideration
  Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation. Special Provisions in Appendix. See section 28...
• Section 5106 - Issuance, Amendment, Cancellation And Duration
  (a) Issuance; revocability.--A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise...
• Section 5107 - Confirmer, Nominated Person And Advisor
  § 5107. Confirmer, nominated person and adviser. (a) Rights and obligations of a confirmer.--A confirmer is directly obligated on a letter of credit and...
• Section 5108 - Issuer's Rights And Obligations
  (a) Duty to honor, dishonor.--Except as otherwise provided in section 5109 (relating to fraud and forgery), an issuer shall honor a presentation that, as...
• Section 5109 - Fraud And Forgery
  (a) Fraud and forgery generally.--If a presentation is made that appears on its face strictly to comply with the terms and conditions of the...
• Section 5110 - Warranties
  (a) Warranties generally.--If its presentation is honored, the beneficiary warrants: (1) to the issuer, any other person to whom presentation is made and the...
• Section 5111 - Remedies
  (a) Wrongful dishonor or repudiation before presentation.-- If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit...
• Section 5112 - Transfer Of Letter Of Credit
  (a) Transfer generally.--Except as otherwise provided in section 5113 (relating to transfer by operation of law), unless a letter of credit provides that it...
• Section 5113 - Transfer By Operation Of Law
  (a) Undisclosed successor.--A successor of a beneficiary may consent to amendments, sign and present documents and receive payment or other items of value in...
• Section 5114 - Assignment Of Proceeds
  (a) Definition.--As used in this section, the term "proceeds of a letter of credit" means the cash, check, accepted draft or other item of...
• Section 5115 - Statute Of Limitations
  An action to enforce a right or obligation arising under this division must be commenced within one year after the expiration date of the...
• Section 5116 - Choice Of Law And Forum
  (a) Express choice of law.--The liability of an issuer, nominated person or advisor for action or omission is governed by the law of the...
• Section 5117 - Subrogation Of Issuer, Applicant And Nominated Person
  (a) Subrogation rights of issuer.--An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as...
• Section 5118 - Security Interest Of Issuer Or Nominated Person
  (a) General rule.--An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that...

Last modified: October 8, 2016