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Can you summarize VACV 8.5A-102?
Uniform Commercial Code Letters of Credit > Definitions
Short Summary
This legal document, part of the Code of Virginia, specifically focuses on the Uniform Commercial Code Letters of Credit. It provides definitions for various terms used in the context of letters of credit, such as adviser, applicant, beneficiary, confirmer, dishonor, document, good faith, honor, issuer, letter of credit, nominated person, presentation, presenter, record, and successor of a beneficiary. The document also references definitions from other titles that apply to this title. It further mentions additional general definitions and principles of construction and interpretation found in Title 8.1A. The document does not apply to individuals who make an engagement for personal, family, or household purposes. However, it applies to issuers, applicants, beneficiaries, confirmer, nominated persons, and presenters involved in letters of credit transactions. No specific penalties are mentioned in this document.
Whom does it apply to?
Issuers, applicants, beneficiaries, confirmer, nominated persons, presenters
What does it govern?
Uniform Commercial Code Letters of Credit
What are exemptions?
Individuals who make an engagement for personal, family, or household purposes
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Virginia