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Can you summarize ORRS Chapter 75?
Commercial Transactions - Chapters 71-84 > Letters of Credit
Short Summary
This legal document, part of the Oregon Revised Statutes, specifically governs the use and operation of Letters of Credit in commercial transactions. It provides definitions for various terms used in the context of Letters of Credit and outlines the obligations and responsibilities of different parties involved, including issuers, applicants, beneficiaries, confirmer, advisers, nominated persons, and presenters. The document does not apply to individuals who make an engagement for personal, family, or household purposes. No specific penalties or exemptions are mentioned in this document.
Whom does it apply to?
The document applies to parties involved in commercial transactions using Letters of Credit, including issuers, applicants, beneficiaries, confirmer, advisers, nominated persons, and presenters. It does not apply to individuals who make an engagement for personal, family, or household purposes.
What does it govern?
The legal document governs the use and operation of Letters of Credit in commercial transactions. It provides definitions for various terms used in the context of Letters of Credit and outlines the obligations and responsibilities of different parties involved.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Oregon