§ 6A-5-106. Issuance, amendment, cancellation, and duration.
(a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.
(b) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.
(c) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, after the date on which it is issued.
(d) A letter of credit that states that it is perpetual expires five years after its stated date of issuance, or if none is stated, after the date on which it is issued.
History of Section.P.L. 2000, ch. 182, § 4; P.L. 2000, ch. 420, § 4.
Structure Rhode Island General Laws
Title 6A - Uniform Commercial Code
Chapter 6A-5 - Letters of Credit
Section 6A-5-101. - Short title.
Section 6A-5-102. - Definitions.
Section 6A-5-104. - Formal requirements.
Section 6A-5-105. - Consideration.
Section 6A-5-106. - Issuance, amendment, cancellation, and duration.
Section 6A-5-107. - Confirmer, nominated person, and adviser.
Section 6A-5-108. - Issuer’s rights and obligations.
Section 6A-5-109. - Fraud and forgery.
Section 6A-5-110. - Warranties.
Section 6A-5-112. - Transfer of letter of credit.
Section 6A-5-113. - Transfer by operation of law.
Section 6A-5-114. - Assignment of proceeds.
Section 6A-5-115. - Statute of limitations.
Section 6A-5-116. - Choice of law and forum.
Section 6A-5-117. - Subrogation of issuer, applicant, and nominated person.
Section 6A-5-118. - Security interest of issuer or nominated person.