A letter of credit, confirmation, advice, transfer, amendment or cancellation may be issued in any form that is a record and is authenticated by a signature or in accordance with the agreement of the parties or the standard practice referred to in subsection 5 of NRS 104.5108 . (Added to NRS by 1965, 855; A 1997, 379)

Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation. (Added to NRS by 1965, 855; A 1997, 379)

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the issuance, amendment, cancellation, and duration of letters of credit. 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.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the roles and obligations of a confirmer, nominated person, and adviser in relation to letters of credit. A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.

This legal document, governed by the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, outlines the rights and obligations of an issuer in relation to letters of credit. An issuer is required to honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise provided. The issuer has a reasonable time to honor the letter of credit, accept a draft, or give notice of discrepancies.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the treatment of presentations made under a letter of credit. It states that if a presentation appears to comply with the terms of the letter of credit but contains a forged or materially fraudulent document, the issuer must honor the presentation if demanded by certain parties who have given value in good faith and without notice of the forgery or fraud.

1.If its presentation is honored, the beneficiary warrants: (a)To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in subsection 1 of NRS 104.5109 ; and (b)To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.

This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the remedies available in various situations related to letters of credit and drafts. It outlines the rights of beneficiaries, successors, and nominated persons in case of wrongful dishonor or repudiation by the issuer. The document allows the recovery of the amount subject to dishonor or repudiation, specific performance, or an amount equal to the value of performance.

1.Except as otherwise provided in NRS 104.5113 , unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under the letter of credit may not be transferred. 2.Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: (a)The transfer would violate applicable law; or (b)The transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in subsection 5 of NRS 104.

This legal document, part of the Nevada Revised Statutes, specifically falls under the Uniform Commercial CodeOriginal Articles. It governs the rights and obligations of successors of beneficiaries, issuers, confirmer, and nominated persons in relation to amendments, document signing and presentation, receipt of payment or other items of value, and recognition by the issuer of a transfer of drawing rights by operation of law. The document clarifies that a successor of a beneficiary may act on behalf of the beneficiary without disclosing its status as a successor or as a disclosed successor.