§ 5108. Issuer's rights and obligations
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: July 1, 2001
Effective: July 1, 2001
13 Pa.C.S.A. § 5108
§ 5108. Issuer's rights and obligations
(a) Duty to honor, dishonor.--Except as otherwise provided in section 5109 (relating to fraud and forgery), an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise provided in section 5113 (relating to transfer by operation of law) and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear so to comply.
(d) Preclusion for fraud, forgery or expiration.--Failure to give the notice specified in subsection (b) or to mention fraud, forgery or expiration in the notice does not preclude the issuer from asserting as a basis for dishonor fraud or forgery as described in section 5109(a) or expiration of the letter of credit before presentation.
(g) Nondocumentary conditions.--If an undertaking constituting a letter of credit under the definition of “letter of credit” under section 5102(a) (relating to definitions) contains nondocumentary conditions, an issuer shall disregard the nondocumentary conditions and treat them as if they were not stated.
(4) except as otherwise provided in sections 5110 (relating to warranties) and 5117 (relating to subrogation of issuer, applicant and nominated person), is precluded from restitution of money paid or other value given by mistake to the extent the mistake concerns discrepancies in the documents or tender which are apparent on the face of the presentation; and
Credits
2001, June 8, P.L. 123, No. 18, § 13, effective July 1, 2001.
13 Pa.C.S.A. § 5108, PA ST 13 Pa.C.S.A. § 5108
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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