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Can you summarize MICL, 174-1962-5?
UNIFORM COMMERCIAL CODE (440.1101 - 440.11102) > ARTICLE 5 LETTERS OF CREDIT (440.5101...440.5118)
Short Summary
This legal provision, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 5 - Letters of Credit, addresses various aspects of letters of credit transactions. It covers the security interest of an issuer or nominated person in a document presented under a letter of credit, the rights of subrogation for different parties involved, the treatment of forged or fraudulent documents, the rights of successor beneficiaries, the transferability of a letter of credit, the liability for wrongful dishonor or breach, the honoring and dishonoring of presentations, the issuance, enforcement, revocation, and expiration of letters of credit, the definitions of key terms, and the liability of parties involved. This legal provision provides clarity on the rights and obligations of the parties and ensures the smooth functioning of letters of credit transactions.
Whom does it apply to?
This legal provision applies to parties involved in letters of credit transactions, including issuers, beneficiaries, applicants, confirmer, advisers, and nominated persons.
What does it govern?
This legal provision, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 5 - Letters of Credit, addresses the security interest of an issuer or nominated person in a document presented under a letter of credit. It also addresses the rights of subrogation in relation to various parties involved in letters of credit transactions. It governs the proceeds of a letter of credit, the warranties made by the beneficiary, the treatment of forged or fraudulent documents, the rights of successor beneficiaries, the transferability of a letter of credit, the liability for wrongful dishonor or breach, the honoring and dishonoring of presentations, the issuance, enforcement, revocation, and expiration of letters of credit, the definitions of key terms, and the liability of parties involved in letters of credit transactions.
What are exemptions?
No specific exemptions are mentioned in this legal provision.
What are the Penalties?
No specific penalties are mentioned in this legal provision.
Jurisdiction
Michigan