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§ 5-110. Warranties

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 5. Letters of Credit (Refs & Annos)
MD Code, Commercial Law, § 5-110
§ 5-110. Warranties
Currentness
(a) If its presentation is honored, the beneficiary warrants:
(1) To the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in § 5-109(a) of this title; and
(2) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
(b) The warranties in subsection (a) of this section are in addition to warranties arising under Titles 3, 4, 7, and 8 of this article because of the presentation or transfer of documents covered by any of those titles.

Credits

Added by Acts 1997, c. 652, § 2, eff. Oct. 1, 1997.
MD Code, Commercial Law, § 5-110, MD COML § 5-110
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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