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Can you summarize CORS 4-5-104?
LETTERS OF CREDIT > Formal requirements.
Short Summary
This legal document, part of the Colorado Revised Statutes under the Uniform Commercial Code, governs the issuance, confirmation, advice, transfer, amendment, or cancellation of letters of credit. It specifies that such letters can be issued in any form that is a record and is authenticated either by a signature or in accordance with the agreement of the parties or standard practice. The document highlights that the inclusion of all the terms normally contained in a letter of credit is not required for it to be recognized as a letter of credit under Article 5. The authentication of the identity of the issuer, confirmer, or adviser can be established through an authentication agreement by system rule, standard practice, or direct agreement between the parties. The document also acknowledges the increasing use of electronic means in banking transactions, including the transmission of letters of credit. It emphasizes the importance of data durability and the availability of the terms and conditions of the letter of credit or other undertaking. Overall, this document provides guidance and flexibility for the establishment and communication of letters of credit.
Whom does it apply to?
Parties involved in the issuance, confirmation, advice, transfer, amendment, or cancellation of letters of credit
What does it govern?
Letters of credit, confirmation, advice, transfer, amendment, or cancellation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Colorado