70A-5-106 - Issuance, amendment, cancellation, and duration.
70A-5-106. Issuance, amendment, cancellation, and duration.
(1) A letter of credit is issued and becomes enforceable according to its terms against theissuer when the issuer sends or otherwise transmits it to the person requested to advise or to thebeneficiary. A letter of credit is revocable only if it so provides.
(2) 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 hasnot consented except to the extent the letter of credit provides that it is revocable or that the issuermay amend or cancel the letter of credit without that consent.
(3) If there is no stated expiration date or other provision that determines its duration, aletter of credit expires one year after its stated date of issuance or, if none is stated, after the dateon which it is issued.
(4) A letter of credit that states that it is perpetual expires five years after its stated date ofissuance, or if none is stated, after the date on which it is issued.
Repealed and Re-enacted by Chapter 241, 1997 General Session