Mississippi Code
Chapter 5 - Uniform Commercial Code-Revised Article 5. Letters of Credit
§ 75-5-102. Definitions

In this chapter:
"Accept" or "Acceptance" Section 3-409 [Section 75-3-409]
"Value" Sections 3-303, 4-211 [Sections 75-3-303, 75-4-211]
Upon payment;
If the letter of credit provides for acceptance, upon acceptance of a draft and, at maturity, its payment; or
If the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance.
Other definitions applying to this chapter and the sections in which they appear are:
Chapter 1 contains certain additional general definitions and principles of construction and interpretation applicable throughout this chapter.

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