(1) In this chapter unless the context otherwise requires

1. (a) "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this chapter (Section 36-5-102) that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable. The engagement may be either an agreement to honor or a statement that the bank or other person is authorized to honor.
2. (b) A "documentary draft" or a "documentary demand for payment" is one honor of which is conditioned upon the presentation of a document or documents. "Document" means any paper including document of title, security, invoice, certificate, notice of default and the like.
3. (c) An "issuer" is a bank or other person issuing a credit.
4. (d) A "beneficiary" of a credit is a person who is entitled under its terms to draw or demand payment.
5. (e) An "advising bank" is a bank which gives notification of the issuance of a credit by another bank.
6. (f) A "confirming bank" is a bank which engages either that it will itself honor a credit already issued by another bank or that such a credit will be honored by the issuer or a third bank.
7. (g) A "customer" is a buyer or other person who causes an issuer to issue a credit. The term also includes a bank which procures issuance or confirmation on behalf of that bank's customer.

(2) Other definitions applying to this chapter and the sections in which they appear are:

"Notation of credit." Section 36-5-108.

"Presenter." Section 36-5-112(3).

(3) Definitions in other chapters applying to this chapter and the sections in which they appear are:

"Accept" or "acceptance." Section 36-3-410.

"Contract for sale." Section 36-2-106.

"Draft." Section 36-3-104.

"Holder in due course." Section 36-3-302.

"Midnight deadline." Section 36-4-104.

"Security." Section 36-8-102.