Texas Business And Commerce Code Title 1, Chapter 5 - Letters Of Credit

• Texas Section 5.101 - Short Title
  This chapter may be cited as Uniform Commercial Code--Letters of Credit. Amended by Acts 1999, 76th Leg., ch. 4, Sec. 1, eff. Sept. 1, 1999.
• Texas Section 5.102 - Definitions
  (a) in this chapter: (1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another...
• Texas Section 5.103 - Scope
  (a) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement...
• Texas 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 is authenticated: (1) by...
• Texas Section 5.105 - Consideration
  Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. Amended by Acts 1999, 76th Leg., ch. 4,...
• Texas 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 the issuer sends or otherwise transmits it...
• Texas Section 5.107 - Confirmer, Nominated Person, And Adviser
  (a) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its...
• Texas 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 standard practice referred to in Subsection...
• Texas 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 the letter of credit, but...
• Texas 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 the applicant that...
• Texas 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, successor, or nominated...
• Texas 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, the right of a beneficiary to draw...
• Texas 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 other items of value in the name...
• Texas 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 value paid or delivered upon...
• Texas Section 5.115 - 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...
• Texas 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 law of the jurisdiction chosen by an...
• Texas 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 to the same extent as if the issuer were...
• Texas 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 letter of credit to the extent that the issuer...

Last modified: September 28, 2016