Code of Alabama
Title 7 - Commercial Code.
Article 5 - Letters of Credit.

Section 7-5-101 - Short Title. - This article may be cited as Uniform Commercial Code -...

Section 7-5-102 - Definitions. - (a) In this article: (1) "Adviser" means a person who,...

Section 7-5-103 - Scope. - (a) This article applies to letters of credit and to...

Section 7-5-104 - Formal Requirements. - A letter of credit, confirmation, advice, transfer, amendment, or cancellation...

Section 7-5-105 - Consideration. - Consideration is not required to issue, amend, transfer, or cancel...

Section 7-5-106 - Issuance, Amendment, Cancellation, and Duration. - (a) A letter of credit is issued and becomes enforceable...

Section 7-5-107 - Confirmer, Nominated Person, and Adviser. - (a) A confirmer is directly obligated on a letter of...

Section 7-5-108 - Issuer's Rights and Obligations. - (a) Except as otherwise provided in Section 7-5-109, an issuer...

Section 7-5-109 - Fraud and Forgery. - (a) If a presentation is made that appears on its...

Section 7-5-110 - Warranties. - (a) If its presentation is honored, the beneficiary warrants: (1)...

Section 7-5-111 - Remedies. - (a) If an issuer wrongfully dishonors or repudiates its obligation...

Section 7-5-112 - Transfer of Letter of Credit. - (a) Except as otherwise provided in Section 7-5-113, unless a...

Section 7-5-113 - Transfer by Operation of Law. - (a) A successor of a beneficiary may consent to amendments,...

Section 7-5-114 - Assignment of Proceeds. - (a) In this section, "proceeds of a letter of credit"...

Section 7-5-115 - Statute of Limitations. - An action to enforce a right or obligation arising under...

Section 7-5-116 - Choice of Law and Forum. - (a) The liability of an issuer, nominated person, or adviser...

Section 7-5-117 - Subrogation of Issuer, Applicant, and Nominated Person. - (a) An issuer that honors a beneficiary's presentation is subrogated...

Section 7-5-118 - Security Interest of Issuer or Nominated Person. - (a) An issuer or nominated person has a security interest...