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Can you summarize 11 MERS Article 5-A?
UNIFORM COMMERCIAL CODE > LETTERS OF CREDIT
Short Summary
These legal documents, part of the Maine Revised Statutes under the Uniform Commercial Code, govern various aspects of letters of credit. They cover the security interest of an issuer or nominated person in a document presented under a letter of credit, the liability of parties involved in letters of credit, subrogation rights of issuers, applicants, and nominated persons, the time limit for commencing actions related to letters of credit, the assignment of proceeds of a letter of credit, the transfer of drawing rights by operation of law, the transferability of letters of credit, warranties related to the presentation and honoring of letters of credit, remedies available in case of dishonor or breach, the rights and obligations of issuers, fraud and forgery in relation to letters of credit, and the issuance, amendment, cancellation, and duration of letters of credit. These documents apply to various parties involved in letters of credit transactions, including issuers, nominated persons, beneficiaries, applicants, confirmers, advisers, transferee beneficiaries, and successors of beneficiaries. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Issuers, nominated persons, beneficiaries, applicants, confirmers, advisers, transferee beneficiaries, successors of beneficiaries
What does it govern?
Letters of credit
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maine