47-5106. Issuance; amendment; cancellation;
duration
A. A letter of credit is issued and becomes enforceable according to its terms
against the issuer when the issuer sends or otherwise transmits it to the person
requested to advise or to the beneficiary. A letter of credit is revocable only if it so
provides.
B. After a letter of credit is issued, rights and obligations of a beneficiary,
applicant, confirmer and issuer are not affected by an amendment or cancellation to which
that person has not consented except to the extent the letter of credit provides that it
is revocable or that the issuer may amend or cancel the letter of credit without that
consent.
C. If there is no stated expiration date or other provision that determines its
duration, a letter of credit expires one year after its stated date of issuance or, if
none is stated, after the date on which it is issued.
D. A letter of credit that states that it is perpetual expires five years after its
stated date of issuance, or if none is stated, after the date on which it is issued.
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