Ask Reggi Your Question Now
Can you summarize WIST Chapter 405?
Uniform Commercial Code. > Uniform commercial code letters of credit.
Short Summary
This chapter of the Wisconsin Statutes governs the rules and regulations related to letters of credit under the Uniform Commercial Code. It defines various terms 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 chapter provides detailed explanations of these terms and their roles in the context of letters of credit. It also references definitions from other chapters that are applicable to this chapter. The chapter does not specify any penalties for non-compliance or violations. Overall, this chapter establishes the legal framework for the use and handling of letters of credit in Wisconsin.
Whom does it apply to?
Parties involved in transactions related to letters of credit, including issuers, beneficiaries, nominated persons, and applicants
What does it govern?
Rules and regulations related to letters of credit under the Uniform Commercial Code
What are exemptions?
No specific exemptions are mentioned in this chapter
What are the Penalties?
No specific penalties are mentioned in this chapter
Jurisdiction
Wisconsin