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Can you summarize OKST Title 12A, Article 5?
Uniform Commercial Code > Letters of Credit
Short Summary
These legal documents pertain to various aspects of letters of credit under the Uniform Commercial Code in Oklahoma. They cover topics such as the rights and obligations of issuers, beneficiaries, and nominated persons, the transfer and assignment of proceeds, the subrogation rights of parties involved, the statute of limitations for actions related to letters of credit, the liability of issuers and advisers, the choice of law and forum selection, fraud and forgery, warranties, and the issuance, amendment, and cancellation of letters of credit. The documents provide guidance on the legal framework, rights, and obligations of parties involved in letters of credit transactions, ensuring the integrity and reliability of these financial instruments. They apply to letters of credit issued on or after January 1, 1997, and are governed by the Oklahoma Statutes under the Uniform Commercial Code. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Parties involved in letters of credit transactions, including issuers, beneficiaries, applicants, nominated persons, advisers, confirmers, and successors
What does it govern?
Letters of Credit
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Oklahoma