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Can you summarize IDST Title 28, Chapter 5?
COMMERCIAL TRANSACTIONS > UNIFORM COMMERCIAL CODE LETTERS OF CREDIT
Short Summary
The provided legal document content covers various aspects of letters of credit under the Uniform Commercial Code (UCC) in the Idaho Statutes. It governs the security interest of an issuer or nominated person in a document presented under a letter of credit, the subrogation rights of the issuer, applicant, and nominated person, the liability of issuers, nominated persons, or advisers, the time limit for commencing action, fraud and forgery in letters of credit, the transferability of the beneficiary’s right, the assignment of proceeds of a letter of credit, the rights and obligations of successors, the remedies for dishonor or repudiation, the warranties of the beneficiary, the rights and obligations of confirmers, nominated persons, and advisers, the consideration and form of letters of credit, the rights and obligations of issuers, the definitions of terms used in letters of credit, the issuance, amendment, cancellation, and duration of letters of credit, and the general rights and obligations arising from transactions involving letters of credit. These documents apply to various parties involved in letters of credit transactions, such as issuers, nominated persons, advisers, beneficiaries, successors, applicants, confirmers, and other parties. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Issuers, nominated persons, advisers, beneficiaries, successors, applicants, confirmers, and other parties involved in letters of credit transactions.
What does it govern?
Security interest in a document presented under a letter of credit, subrogation rights of the issuer, applicant, and nominated person, liability of issuers, nominated persons, or advisers, time limit for commencing action, fraud and forgery in letters of credit, transferability of beneficiary's right, assignment of proceeds of a letter of credit, rights and obligations of successors, remedies for dishonor or repudiation, warranties of the beneficiary, rights and obligations of confirmers, nominated persons, and advisers, consideration and form of letters of credit, rights and obligations of issuers, definitions of terms used in letters of credit, issuance, amendment, cancellation, and duration of letters of credit, and general rights and obligations arising from transactions involving letters of credit.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Idaho