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Can you summarize IACO 554.5102?
UNIFORM COMMERCIAL CODE > Definitions.
Short Summary
This legal document provides definitions for key terms used in the Uniform Commercial Code (UCC) Article 5, which deals with 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 UCC that apply to Article 5. Overall, this document serves as a reference for understanding the terminology and concepts related to letters of credit under the UCC.
Whom does it apply to?
This document applies to various parties involved in letters of credit transactions, including issuers, beneficiaries, applicants, confirmers, nominated persons, and presenters.
What does it govern?
This legal document governs the definitions and terms used in the Uniform Commercial Code (UCC) Article 5, which pertains to letters of credit.
What are exemptions?
No exemptions are mentioned in this document.
What are the Penalties?
No penalties are mentioned in this document.
Jurisdiction
Iowa