§ 5-102. Definitions
Oklahoma Statutes AnnotatedTitle 12A. Commercial Code
12A Okl.St.Ann. § 5-102
§ 5-102. Definitions
Definitions.
(10) “Letter of credit” means a definite undertaking that satisfies the requirements of Section 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” Section 3-409.
“Value” Sections 3-303 and 4-211.
(c) Article 1 of this title1 contains certain additional general definitions and principles of construction and interpretation applicable throughout this article.
Credits
Laws 1996, c. 56, § 1, eff. Jan. 1, 1997.
Footnotes
Title 12A, § 1-101 et seq.
12A Okl. St. Ann. § 5-102, OK ST T. 12A § 5-102
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document |