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Can you summarize HIRS Chapter 490, Article 5?
Uniform Commercial Code > LETTERS OF CREDIT
Short Summary
This legal document pertains to the provisions of the Uniform Commercial Code related to letters of credit. It defines various terms used in the context of letters of credit and outlines the rights and obligations of different parties involved in letters of credit transactions. The document specifies that a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or to the beneficiary. It also addresses the issuance, amendment, cancellation, and duration of letters of credit. The document further governs the handling of presentations made under letters of credit and provides remedies for wrongful dishonor, repudiation, or breach of obligations. It also addresses the transferability of letters of credit and the assignment of proceeds. The document outlines the liability of issuers, nominated persons, and advisers and provides guidelines for determining liability and resolving disputes related to letters of credit. Overall, this document provides a framework for the roles and responsibilities of parties involved in letters of credit transactions and ensures the proper functioning of such transactions.
Whom does it apply to?
Parties involved in letters of credit transactions, including issuers, beneficiaries, nominated persons, and applicants
What does it govern?
Provisions of the Uniform Commercial Code 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 are mentioned in this document.
Jurisdiction
Hawaii