New York Laws
UCC - Uniform Commercial Code
Article 5 - Letters of Credit

5-101 - Short Title. - This article may be cited as "Uniform Commercial Code--Letters of...

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

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

5-104 - Formal Requirements. - (a) by a signature, or (b) in accordance with the...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5-119 - Applicability. - This article applies to a letter of credit that is...

5-120 - Savings Clause. - A transaction arising out of or associated with a letter...