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Can you summarize MGL Chapter 106, Article 5?
UNIFORM COMMERCIAL CODE > LETTERS OF CREDIT
Short Summary
These legal documents, under the Massachusetts General Law and the Uniform Commercial Code, govern various aspects of letters of credit. They cover the security interest that an issuer or nominated person has in documents presented under a letter of credit, the liability of issuers, nominated persons, or advisers, subrogation rights and obligations, time limits for commencing actions, transfer of beneficiary rights, assignment of proceeds, transferability of rights, handling of presentations, rights and obligations of issuers, warranties of beneficiaries, roles and obligations of various parties, issuance, amendment, cancellation, and duration of letters of credit, consideration requirements, remedies for wrongful dishonor or repudiation, and definitions of terms related to letters of credit. These documents apply to issuers, nominated persons, beneficiaries, applicants, confirmers, advisers, presenters, and successors of beneficiaries involved in transactions related to letters of credit. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Issuers, nominated persons, beneficiaries, applicants, confirmers, advisers, presenters, successors of beneficiaries
What does it govern?
Security interest in documents presented under a letter of credit, liability of issuers, nominated persons, or advisers, subrogation rights and obligations, time limits for commencing actions, transfer of beneficiary rights, assignment of proceeds, transferability of rights, handling of presentations, rights and obligations of issuers, warranties of beneficiaries, roles and obligations of various parties, issuance, amendment, cancellation, and duration of letters of credit, consideration requirements, remedies for wrongful dishonor or repudiation, definitions of terms related to 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
Massachusetts