Letters of Credit

Short title.

Definitions.

Scope.

Formal requirements.

Consideration.

Issuance, amendment, cancellation and duration.

Confirmer, nominated person and adviser.

Issuer’s rights and obligations.

Fraud and forgery.

Warranties.

Remedies.

Transfer of letter of credit.

Transfer by operation of law.

Assignment of proceeds.

Statute of limitations.

Choice of law and forum.

Subrogation of issuer, applicant and nominated person.

Security interest of issuer or nominated person.