Sec. 5105.
Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
History: 1962, Act 174, Eff. Jan. 1, 1964 ;-- Am. 1998, Act 488, Imd. Eff. Jan. 4, 1999
Structure Michigan Compiled Laws
Chapter 440 - Uniform Commercial Code
Act 174 of 1962 - Uniform Commercial Code (440.1101 - 440.11102)
Article 5 - Letters of Credit (440.5101...440.5118)
Section 440.5101 - Uniform Commercial Code—letters of Credit; Short Title of Article.
Section 440.5102 - Definitions.
Section 440.5103 - Letters of Credit; Scope of Article.
Section 440.5104 - Issuance; Authentication.
Section 440.5105 - Consideration.
Section 440.5106 - Credit; Issuance; Enforcement; Revocation; Expiration.
Section 440.5108 - Honoring or Dishonoring Presentation.
Section 440.5109 - Forged or Fraudulent Document; Injunction; Findings of Court.
Section 440.5110 - Warranties on Presentment or Transfer.
Section 440.5112 - Right to Draw or Demand Performance Under Letter of Credit; Transfer.
Section 440.5113 - Rights of Successor Beneficiary.
Section 440.5114 - Proceeds of Letter of Credit.
Section 440.5115 - Commencement of Action.
Section 440.5116 - Jurisdiction; Forum.