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Can you summarize IACO 554.5106?
UNIFORM COMMERCIAL CODE > Issuance, amendment, cancellation, and duration.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the issuance, amendment, cancellation, and duration of letters of credit. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document specifies that a letter of credit is revocable only if it explicitly states so. Furthermore, any amendment or cancellation to a letter of credit does not affect the rights and obligations of the beneficiary, applicant, confirmer, and issuer unless they have consented to it, unless the letter of credit allows for revocation or amendment without consent. In the absence of an expiration date or other provision determining its duration, a letter of credit expires one year after its stated date of issuance or, if not stated, after the date of issuance. However, a letter of credit labeled as perpetual expires five years after its stated date of issuance or, if not stated, after the date of issuance.
Whom does it apply to?
Issuers, beneficiaries, applicants, confirmers
What does it govern?
Letter of credit issuance, amendment, cancellation, and duration
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Iowa