Uniform Commercial Code, Article 5: Letters of Credit¶
American Law Institute, & National Conference of Commissioners on Uniform State Laws. (1995). Uniform Commercial Code, Article 5: Letters of Credit: Letters of Credit.
Cited by¶
1 citation across 1 artifact.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Future Or Promise
- In commercial law it is escrow accounts (the escrow holder as a producer with conditional authority), letters of credit, and layaway plans.
This sourceGoverns letters of credit and the issuer's duty to honor a conforming presentation — the legal codification of conditional-fulfillment instruments in which a neutral third party (issuer / escrow holder) holds settlement authority and releases value only when stated conditions are satisfied.
- In commercial law it is escrow accounts (the escrow holder as a producer with conditional authority), letters of credit, and layaway plans.
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