§ 5-102. Definitions
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 5-102
§ 5-102. Definitions
(6) “Document” means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion (i) which is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in § 5-108(e) of this title and (ii) which is capable of being examined for compliance with the terms and conditions of the letter of credit. A document may not be oral.
(10) “Letter of credit” means a definite undertaking that satisfies the requirements of § 5-104 of this title by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value.
(15) “Successor of a beneficiary” means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.
“Accept” or “Acceptance.” § 3-409.
“Value.” §§ 3-303 and 4-211.
Credits
Added by Acts 1997, c. 652, § 2, eff. Oct. 1, 1997.
MD Code, Commercial Law, § 5-102, MD COML § 5-102
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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