§ 5-109. Fraud and forgery
West's Annotated Code of MarylandCommercial Law
MD Code, Commercial Law, § 5-109
§ 5-109. Fraud and forgery
(1) The issuer shall honor the presentation, if honor is demanded by (i) a nominated person who has given value in good faith and without notice of forgery or material fraud, (ii) a confirmer who has honored its confirmation in good faith, (iii) a holder in due course of a draft drawn under the letter of credit which was taken after acceptance by the issuer or nominated person, or (iv) an assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and
(b) If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that:
Credits
Added by Acts 1997, c. 652, § 2, eff. Oct. 1, 1997.
MD Code, Commercial Law, § 5-109, MD COML § 5-109
Current with legislation effective through June 1, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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