Effective: July 1, 1998
Latest Legislation: House Bill 338 - 122nd General Assembly
(A) If its presentation is honored, the beneficiary warrants:
(1) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in division (A) of section 1305.08 of the Revised Code; and
(2) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
(B) The warranties in division (A) of this section are in addition to warranties arising under Chapters 1303., 1304., 1307., and 1308. of the Revised Code because of the presentation or transfer of documents covered by any of those chapters.
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Chapter 1305 | Letters of Credit
Section 1305.01 | Definitions - Ucc 5-102.
Section 1305.02 | Scope - Ucc 5-103.
Section 1305.03 | Formal Requirements - Ucc 5-104.
Section 1305.04 | Consideration - Ucc 5-105.
Section 1305.05 | Issuance, Amendment, Cancellation, and Duration - Ucc 5-106.
Section 1305.06 | Confirmer, Nominated Person, and Adviser - Ucc 5-107.
Section 1305.07 | Issuer's Rights and Obligations - Ucc 5-108.
Section 1305.08 | Fraud and Forgery - Ucc 5-109.
Section 1305.09 | Warranties - Ucc 5-110.
Section 1305.10 | Remedies - Ucc 5-111.
Section 1305.11 | Transfer of Letter of Credit - Ucc 5-112.
Section 1305.12 | Transfer by Operation of Law - Ucc 5-113.
Section 1305.13 | Assignment of Proceeds - Ucc 5-114.
Section 1305.14 | Statute of Limitations - Ucc 5-115.
Section 1305.15 | Choice of Law and Forum - Ucc 5-116.
Section 1305.16 | Subrogation of Issuer, Applicant, and Nominated Person - Ucc 5-117.
Section 1305.18 | Security Interest of Issuer or Nominated Person - Ucc 5-118.