This legal document, part of the Code of Virginia, specifically deals with the Uniform Commercial Code (UCC) provisions related to Letters of Credit. It outlines the rights and obligations of different parties involved in letters of credit transactions. A confirmer, who directly obligates themselves on a letter of credit, assumes the rights and obligations of an issuer to the extent of their confirmation. A nominated person who is not a confirmer is not obligated to honor or provide value for a presentation.

This legal document governs the rights and obligations of issuers of letters of credit. It specifies that an issuer must honor a presentation that strictly complies with the terms and conditions of the letter of credit, unless otherwise agreed with the applicant. The issuer has a reasonable time to honor the presentation, accept a draft, or give notice of discrepancies. The issuer is precluded from asserting any discrepancy if timely notice is not given.

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.

(a) If its presentation is honored, the beneficiary warrants: (1) 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 8.5A-109(a); and (2) 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. (b) The warranties in subsection (a) are in addition to warranties arising under Titles 8.

(a) Except as otherwise provided in 8.5A-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if: (1) the transfer would violate applicable law; or (2) 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 8.

This legal document governs the transfer of drawing rights by operation of law under the Uniform Commercial Code Letters of Credit. It outlines the rights and obligations of successors of beneficiaries, issuers, confirmer, and nominated persons. A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. Alternatively, a successor may consent to amendments, sign and present documents, and receive payment or other items of value in its own name as the disclosed successor of the beneficiary.

This section of the Code of Virginia, specifically the Uniform Commercial Code Letters of Credit, governs the assignment of proceeds of a letter of credit. It defines the term ‘proceeds of a letter of credit’ as the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The section allows a beneficiary to assign its right to part or all of the proceeds of a letter of credit, contingent upon compliance with the terms and conditions of the letter of credit.

An action to enforce a right or obligation arising under this title must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party’s lack of knowledge of the breach. 1997, c. 343.

This legal document governs the liability of issuers, nominated persons, or advisers for their actions or omissions in relation to letters of credit. The liability is determined based on the law of the jurisdiction chosen by an agreement between the parties or by the law of the jurisdiction where the person is located. Customary rules and practices, such as the Uniform Customs and Practice for Documentary Credits, may also apply. In case of conflict between this document and other titles of the law, this document takes precedence.

This legal document, part of the Code of Virginia’s Uniform Commercial Code - Letters of Credit, governs the subrogation rights of issuers, applicants, and nominated persons in relation to letters of credit transactions. According to the document, when an issuer honors a beneficiary’s presentation, the issuer is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation owed to them.