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Can you summarize VACV 8.5A-109?
Uniform Commercial Code Letters of Credit > Fraud and forgery
Short Summary
This legal document pertains to the Uniform Commercial Code Letters of Credit in the Code of Virginia. It outlines the conditions under which a presentation made in compliance with the terms and conditions of a letter of credit should be honored, even if a required document is forged or materially fraudulent. The issuer is obligated to honor the presentation if demanded by certain parties who have given value in good faith and without notice of forgery or material fraud. However, the issuer may choose to honor or dishonor the presentation in other cases. The document also allows an applicant to seek court intervention to prevent the issuer from honoring a presentation if the applicant can prove forgery or material fraud and certain conditions are met. Overall, this document provides guidelines for handling presentations involving fraud or forgery in letters of credit.
Whom does it apply to?
Issuers, nominated persons, applicants, beneficiaries, nominated persons, holders in due course, assignees
What does it govern?
Uniform Commercial Code Letters of Credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Virginia