Maryland Statutes
Commercial Law
Title 5 - Letters of Credit

Section 5-101 - Short Title - This title may be cited as the Maryland Uniform Commercial...

Section 5-102 - Definitions - (a) In this title: (1) “Adviser” means a person who,...

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

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

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

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

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

Section 5-108 - Issuer's Rights and Obligations - (a) Except as otherwise provided in § 5-109 of this...

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

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

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

Section 5-112 - Transfer of Letter of Credit - (a) Except as otherwise provided in § 5-113 of this...

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

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

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

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

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

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