5106 - Issuance, amendment, cancellation and duration.

     § 5106.  Issuance, amendment, cancellation and duration.        (a)  Issuance; revocability.--A letter of credit is issued     and becomes enforceable according to its terms against the     issuer when the issuer sends or otherwise transmits it to the     person requested to advise or to the beneficiary. A letter of     credit is revocable only if it so provides.        (b)  Effect of amendment or cancellation in certain     circumstances.--After a letter of credit is issued, rights and     obligations of a beneficiary, applicant, confirmer and issuer     are not affected by an amendment or cancellation to which that     person has not consented except to the extent the letter of     credit provides that it is revocable or that the issuer may     amend or cancel the letter of credit without that consent.        (c)  No stated expiration date.--If there is no stated     expiration date or other provision that determines its duration,     a letter of credit expires one year after its stated date of     issuance or, if none is stated, after the date on which it is     issued.        (d)  Perpetual letters of credit.--A letter of credit that     states that it is perpetual expires five years after its stated     date of issuance or, if none is stated, after the date on which     it is issued.        Special Provisions in Appendix.  See section 28 of Act 18 of     2001 in the appendix to this title for special provisions     relating to applicability of transitional provisions.        Cross References.  Section 5106 is referred to in sections     5103, 9700 of this title.