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Can you summarize SDCL Chapter 57A-5?
UNIFORM COMMERCIAL CODE > Letters Of Credit
Short Summary
These legal documents, part of the South Dakota Codified Laws under the Uniform Commercial Code, govern various aspects of letters of credit. They cover the subrogation rights of issuers, applicants, and nominated persons, as well as the security interest in documents presented under a letter of credit. The documents also address the liability of issuers, nominated persons, or advisers, the assignment of proceeds of a letter of credit, the transfer of drawing rights by operation of law, and the remedies available in various situations. Additionally, they outline the warranties of the beneficiary, the issuance, amendment, cancellation, and duration of letters of credit, and the use and operation of letters of credit. The documents also specify the roles and obligations of a confirmer, nominated person, and adviser. These documents apply to issuers, applicants, beneficiaries, nominated persons, successors, advisers, confirmer, presenters, transferee beneficiaries, and transferor 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, applicants, beneficiaries, nominated persons, successors, advisers, confirmer, presenters, transferee beneficiaries, transferor beneficiaries
What does it govern?
Subrogation rights of issuers, applicants, and nominated persons; security interest in documents presented under a letter of credit; liability of issuers, nominated persons, or advisers; assignment of proceeds of a letter of credit; transfer of drawing rights by operation of law; remedies available in various situations; warranties of the beneficiary; issuance, amendment, cancellation, and duration of letters of credit; use and operation of letters of credit; roles and obligations of a confirmer, nominated person, and adviser
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
South Dakota