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§ 5-110. Warranties

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 5. Letters of Credit (Refs & Annos)
12A Okl.St.Ann. § 5-110
§ 5-110. Warranties
Currentness
Warranties.
(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 subsection (a) of Section 5-109 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 Articles III, IV, VII and VIII of this title because of the presentation or transfer of documents covered by any of those articles.

Credits

Laws 1996, c. 56, § 9, eff. Jan. 1, 1997.
12A Okl. St. Ann. § 5-110, OK ST T. 12A § 5-110
Current with emergency effective legislation through Chapter 90 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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