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Can you summarize OHRC Chapter 1305?
Commercial Transactions > Letters Of Credit
Short Summary
This legal document provides comprehensive regulations and guidelines for letters of credit in the context of commercial transactions. It covers various aspects, including the issuance, amendment, cancellation, and duration of letters of credit. It also outlines the roles and obligations of confirmers, nominated persons, and advisers. The document clarifies the rights and obligations of an issuer and addresses the treatment of fraud and forgery. It further covers the remedies available in case of wrongful dishonor or repudiation by the issuer, the transferability of letters of credit, the transfer of drawing rights by operation of law, the assignment of proceeds of a letter of credit, the time limit for commencing an action to enforce rights or obligations, the liability of issuers, nominated persons, or advisers, and the subrogation rights of various parties involved in letters of credit transactions. This document applies to parties involved in transactions related to letters of credit, including issuers, beneficiaries, nominated persons, applicants, confirmers, advisers, and transferee beneficiaries. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
This document applies to parties involved in transactions related to letters of credit, including issuers, beneficiaries, nominated persons, applicants, confirmers, advisers, and transferee beneficiaries.
What does it govern?
This legal document governs letters of credit, including their issuance, amendment, cancellation, and duration. It also covers the roles and obligations of confirmers, nominated persons, and advisers in relation to letters of credit. Additionally, it outlines the rights and obligations of an issuer and the treatment of fraud and forgery in relation to letters of credit. The document also addresses the remedies available in case of wrongful dishonor or repudiation by the issuer, the transferability of letters of credit, the transfer of drawing rights by operation of law, the assignment of proceeds of a letter of credit, the time limit for commencing an action to enforce rights or obligations, the liability of issuers, nominated persons, or advisers, and the subrogation rights of various parties involved in letters of credit transactions. Lastly, it covers the security interest of an issuer or nominated person in a document presented under a letter of credit.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Ohio