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Can you summarize CORS 4-5-102?
LETTERS OF CREDIT > Definitions.
Short Summary
This legal document provides definitions for key terms related to letters of credit under the Uniform Commercial Code (UCC) in the Colorado Revised Statutes. It defines terms such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, successor of a beneficiary, and more. The document also clarifies that electronic and non-paper media can be considered as ‘documents’ under certain circumstances. It emphasizes the importance of ‘honesty in fact’ as the standard for good faith in letter of credit transactions. Additionally, it explains the different modes of honor for letters of credit and excludes consumers from the definition of ‘issuer’. The document also provides guidance on the role of nominated persons and the presentation of documents. Overall, this document serves as a foundational resource for understanding the terminology and concepts related to letters of credit in Colorado.
Whom does it apply to?
This document applies to various parties involved in letters of credit transactions, including issuers, applicants, beneficiaries, confirmers, advisers, and nominated persons.
What does it govern?
This legal document governs the definitions and terms related to letters of credit under the Uniform Commercial Code (UCC) in the Colorado Revised Statutes.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Colorado