Letters of Credit | Midpage

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New York Consolidated Laws

Uniform Commercial Code

5

Letters of Credit

5-101Short title 5-102Definitions 5-103Scope 5-104Formal requirements 5-105Consideration 5-106Issuance, amendment, cancellation, and duration 5-107Confirmer, nominated person, and advisor 5-108Issuer's rights and obligations 5-109Fraud and forgery 5-110Warranties 5-111Remedies 5-112Transfer of letter of credit 5-113Transfer by operation of law 5-114Assignment of proceeds 5-115Statute of limitations 5-116Choice of law and forum 5-117Subrogation of issuer, applicant, and nominated person 5-118Security Interest of Issuer or Nominated Person 5-119Applicability 5-120Savings clause