1.A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time may store, sell, or otherwise deal with the goods in any reasonable manner. 2.For its reasonable expenses incurred by action under subsection 1 the presenting bank has a lien upon the goods or their proceeds, which may be foreclosed in the same manner as an unpaid sellers lien.

This Article shall be known and may be cited as Uniform Commercial Code Letters of Credit. [C66, 71, 73, 75, 77, 79, 81, 554.5101]

This legal document provides definitions for key terms used in the Uniform Commercial Code (UCC) Article 5, which deals with letters of credit. It defines 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 document also references definitions from other articles within the UCC that apply to Article 5. Overall, this document serves as a reference for understanding the terminology and concepts related to letters of credit under the UCC.

This Article of the Iowa Code governs letters of credit and the rights and obligations arising from transactions involving letters of credit. It applies to parties involved in such transactions. The Article allows for variations in the effect of its provisions through agreement or provisions stated or incorporated by reference in an undertaking, except for specific subsections and variations prohibited by other sections. The rights and obligations of an issuer to a beneficiary or nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement underlying the letter of credit.

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 section 554.5108, subsection 5. [C66, 71, 73, 75, 77, 79, 81, 554.5104] 96 Acts, ch 1026, 3, 28; 2012 Acts, ch 1023, 146 Referred to in 554.5102, 554.5116

Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. [C66, 71, 73, 75, 77, 79, 81, 554.5105] 96 Acts, ch 1026, 4, 28

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to 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 specifies that a letter of credit is revocable only if it explicitly states so. Furthermore, any amendment or cancellation to a letter of credit does not affect the rights and obligations of the beneficiary, applicant, confirmer, and issuer unless they have consented to it, unless the letter of credit allows for revocation or amendment without consent.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the roles and obligations of the confirmer, nominated person, and adviser in letter of credit transactions. 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 Iowa Code, specifically the Uniform Commercial Code, outlines the rights and obligations of an issuer in relation to letters of credit. The document states 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.

This legal document, part of the Iowa Code’s Uniform Commercial Code, governs the treatment of presentations made under a letter of credit that involve fraud or forgery. It outlines the circumstances under which an issuer must honor a presentation, even if a required document is forged or materially fraudulent, provided certain conditions are met. These conditions include the demand for honor being made by a nominated person who has given value in good faith and without notice of forgery or material fraud, or by other specified parties.