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Can you summarize 6 DECO Article 5?
Uniform Commercial Code > Letters of Credit
Short Summary
This legal document, part of the Delaware Code, specifically governs the rules and regulations related to Letters of Credit. It defines various terms such as Adviser, Applicant, Beneficiary, Confirmer, Dishonor, Document, Good faith, Honor, Issuer, Letter of credit, Nominated person, Presentation, Presenter, Record, and Successor of a beneficiary. The document provides detailed definitions for each term and clarifies their roles and responsibilities in the context of Letters of Credit. It also references definitions from other articles that apply to this Article. The document does not apply to individuals who make an engagement for personal, family, or household purposes. However, it applies to issuers, applicants, beneficiaries, confirmers, nominated persons, and presenters involved in Letters of Credit transactions. The document does not mention any specific penalties for non-compliance or violation of its provisions. Overall, this Article provides a framework for the regulation and understanding of letters of credit in Delaware.
Whom does it apply to?
Issuers, applicants, beneficiaries, confirmers, nominated persons, presenters involved in Letters of Credit transactions
What does it govern?
Rules and regulations related to Letters of Credit
What are exemptions?
Individuals who make an engagement for personal, family, or household purposes
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Delaware