Ask Reggi Your Question Now
Can you summarize WVCO Chapter 46, Article 5?
UNIFORM COMMERCIAL CODE. > LETTERS OF CREDIT.
Short Summary
This legal document, found in the West Virginia Code under the Uniform Commercial Code, governs the issuance, amendment, cancellation, and duration of letters of credit. It defines various terms related to letters of credit and outlines the obligations and responsibilities of different parties involved in letters of credit transactions. The document specifies that a letter of credit becomes enforceable against the issuer when it is sent or transmitted to the person requested to advise or the beneficiary. It also clarifies the expiration dates and durations of letters of credit. The document further addresses the roles and obligations of confirmer, nominated person, and adviser in letters of credit transactions. It provides provisions for handling presentations made under letters of credit and addresses situations involving fraud and forgery. The document also includes provisions regarding warranties made by the beneficiary, transferability of letters of credit, subrogation rights, security interests, and the choice of law and forum for settling disputes. Overall, this legal document provides a comprehensive framework for the use and operation of letters of credit in West Virginia.
Whom does it apply to?
Parties involved in letters of credit transactions, excluding individuals who make an engagement for personal, family, or household purposes.
What does it govern?
The legal document, part of the West Virginia Code's Uniform Commercial Code, governs the use and operation of letters of credit. It provides definitions for various terms related to letters of credit and outlines the obligations and responsibilities of different parties involved in letters of credit transactions.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
West Virginia