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Can you summarize 810 ILCS 5/Art. 5?
Uniform Commercial Code. > LETTERS OF CREDIT
Short Summary
This legal document, Section 5-102 of the Uniform Commercial Code under the Illinois Compiled Statutes, provides definitions for various terms related to letters of credit. It defines 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 also references definitions from other articles within the Uniform Commercial Code. It does not specify any exemptions or penalties. Overall, this section serves to establish a common understanding of key terms and concepts related to letters of credit in commercial transactions.
Whom does it apply to?
Parties involved in transactions related to letters of credit, including issuers, beneficiaries, nominated persons, and applicants.
What does it govern?
This legal document, Section 5-102 of the Uniform Commercial Code under the Illinois Compiled Statutes, provides definitions for various terms related to letters of credit. It defines 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 also references definitions from other articles within the Uniform Commercial Code.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Illinois