Ask Reggi Your Question Now
Can you summarize Chapter 62A.5 WARC?
UNIFORM COMMERCIAL CODE > Letters of credit.
Short Summary
This legal document, part of the Revised Code of Washington under the Uniform Commercial Code, governs the use and operation of letters of credit. It provides definitions for various terms used in relation to letters of credit and applies to parties involved in letter of credit transactions. The document establishes the framework and terminology for understanding and conducting transactions involving letters of credit.
Whom does it apply to?
The document applies to issuers, applicants, beneficiaries, confirmer, nominated persons, and presenters involved in letter of credit transactions. It does not apply to individuals who make an engagement for personal, family, or household purposes.
What does it govern?
The legal document governs the use and operation of letters of credit, including the definitions of various terms used in relation to letters of credit.
What are exemptions?
The document does not specify any exemptions.
What are the Penalties?
The document does not specify any penalties for non-compliance or violations.
Jurisdiction
Washington