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 section 554.5109, subsection 1; 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. 2.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, outlines the remedies available in various scenarios. If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit, the beneficiary, successor, or nominated person presenting on its own behalf may recover the amount that is the subject of the dishonor or repudiation. If the issuer’s obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or recover an amount equal to the value of performance.

1.Except as otherwise provided in section 554.5113, 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. 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 section 554.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the transfer of drawing rights by operation of law. It outlines the rights and obligations of successors of beneficiaries, issuers, and other parties involved in the transfer process. The document specifies that 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.

This section of the Iowa Code, specifically under the Uniform Commercial Code, governs the assignment of proceeds of a letter of credit. It defines ‘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 Article 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 partys lack of knowledge of the breach. [C66, 71, 73, 75, 77, 79, 81, 554.5115] 96 Acts, ch 1026, 14, 28

This legal document governs the liability of issuers, nominated persons, or advisers for their actions or omissions in relation to letters of credit, confirmations, or other undertakings. 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 govern the liability.

This legal document, governed by the Iowa Code under the Uniform Commercial Code, addresses the subrogation rights of issuers, applicants, and nominated persons in letter of credit transactions. According to the document, an issuer that honors a beneficiary’s presentation is subrogated to the rights of the beneficiary and the applicant as if the issuer were a secondary obligor of the underlying obligation. Similarly, an applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person.

This legal provision, found in the Iowa Code under the Uniform Commercial Code, pertains to the security interest of an issuer or nominated person in a document presented under a letter of credit. The security interest arises when the issuer or nominated person honors or provides value for the presentation. The security interest continues until the issuer or nominated person has been reimbursed or has otherwise recovered the value given. This provision states that a security agreement is not necessary to enforce the security interest, and if the document is presented in a medium other than a written or tangible medium, the security interest is perfected.

This Article may be cited as Uniform Commercial Code Secured Transactions. 2000 Acts, ch 1149, 1, 185, 187