(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: 1962 Code Section 10.5-106; 1966 (54) 2716; 2001 Act No. 67, Section 15.
Structure South Carolina Code of Laws
Chapter 5 - Commercial Code - Letters Of Credit
Section 36-5-101. Short title.
Section 36-5-102. Definitions.
Section 36-5-104. Formal requirements.
Section 36-5-105. Consideration.
Section 36-5-106. Issuance, amendment, cancellation, and duration.
Section 36-5-107. Confirmer, nominated person, and adviser.
Section 36-5-108. Issuer's rights and obligations.
Section 36-5-109. Fraud and forgery.
Section 36-5-112. Transfer of letter of credit.
Section 36-5-113. Transfer by operation of law.
Section 36-5-114. Assignment of proceeds.
Section 36-5-115. Statute of limitations.
Section 36-5-116. Choice of law and forum.
Section 36-5-117. Subrogation of issuer, applicant, and nominated person.
Section 36-5-118. Security interest of issuer or nominated person.