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Can you summarize VACV 8.5A-106?
Uniform Commercial Code Letters of Credit > Issuance, amendment, cancellation, and duration
Short Summary
This legal document governs the issuance, amendment, cancellation, and duration of letters of credit under the Uniform Commercial Code. According to the document, a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. The document states that a letter of credit is revocable only if it explicitly provides for revocation. Amendments or cancellations to a letter of credit do not affect the rights and obligations of the beneficiary, applicant, confirmer, and issuer unless they have consented or the letter of credit allows for amendment or cancellation without consent. If a letter of credit does not specify an expiration date or duration provision, it expires one year after its stated date of issuance or, if not stated, after the date of issuance. However, if a letter of credit is stated to be perpetual, it expires five years after its stated date of issuance or, if not stated, after the date of issuance.
Whom does it apply to?
Issuers, beneficiaries, applicants, and confirmers of letters of credit
What does it govern?
Uniform Commercial Code Letters of Credit
What are exemptions?
None mentioned
What are the Penalties?
None mentioned
Jurisdiction
Virginia