§12A-5-110. Warranties.
137 words·~1 min read·
/ok/title-12a-uniform-commercial-code/12a-5-110·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Warranties.
(a)If its presentation is honored, the beneficiary warrants:
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
(a)of
Section 5-109 of this title; 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)of this section are in addition to warranties arising under Articles III, IV, VII and VIII of this title because of the presentation or transfer of documents covered by any of those articles. Added by Laws 1961, p. 134, § 5-110. Amended by Laws 1996, c. 56, § 9, eff. Jan. 1, 1997.