(1) "Adviser" means a person who, at the request of theissuer, a confirmer, or another adviser, notifies or requests another adviserto notify the beneficiary that a letter of credit has been issued, confirmed,or amended.
(2) "Applicant" means a person at whose request or for whoseaccount a letter of credit is issued. The term includes a person who requestsan issuer to issue a letter of credit on behalf of another if the person makingthe request undertakes an obligation to reimburse the issuer.
(3) "Beneficiary" means a person who under the terms of aletter of credit is entitled to have its complying presentation honored. Theterm includes a person to whom drawing rights have been transferred under atransferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, atthe request or with the consent of the issuer, to honor a presentation under aletter of credit issued by another.
(5) "Dishonor" of a letter of credit means failure timely tohonor or to take an interim action, such as acceptance of a draft, that may berequired by the letter of credit.
(6) "Document" means a draft or other demand, document oftitle, investment security, certificate, invoice, or other record, statement,or representation of fact, law, right, or opinion (i) which is presented in awritten or other medium permitted by the letter of credit or, unless prohibitedby the letter of credit, by the standard practice referred to in §6A-5-108(e) and (ii) which is capable of being examined for compliance with theterms and conditions of the letter of credit. A document may not be oral.
(7) "Good faith" means honesty in fact in the conduct ortransaction concerned.
(8) "Honor" of a letter of credit means performance of theissuer's undertaking in the letter of credit to pay or deliver an item ofvalue. Unless the letter of credit otherwise provides, "honor" occurs
(i) upon payment;
(ii) if the letter of credit provides for acceptance, uponacceptance of a draft and, at maturity, its payment; or
(iii) if the letter of credit provides for incurring adeferred obligation, upon incurring the obligation and, at maturity, itsperformance.
(9) "Issuer" means a bank or other person that issues aletter of credit, but does not include an individual who makes an engagementfor personal, family, or household purposes.
(10) "Letter of credit" means a definite undertaking thatsatisfies the requirements of § 6A-5-104 by an issuer to a beneficiary atthe request or for the account of an applicant or, in the case of a financialinstitution, to itself or for its own account, to honor a documentarypresentation by payment or delivery of an item of value.
(11) "Nominated person" means a person whom the issuer (i)designates or authorizes to pay, accept, negotiate, or otherwise give valueunder a letter of credit and (ii) undertakes by agreement or custom andpractice to reimburse.
(12) "Presentation" means delivery of a document to an issueror nominated person for honor or giving of value under a letter of credit.
(13) "Presenter" means a person making a presentation as oron behalf of a beneficiary or nominated person.
(14) "Record" means information that is inscribed on atangible medium, or that is stored in an electronic or other medium and isretrievable in perceivable form.
(15) "Successor of a beneficiary" means a person who succeedsto substantially all of the rights of a beneficiary by operation of law,including a corporation with or into which the beneficiary has been merged orconsolidated, an administrator, executor, personal representative, trustee inbankruptcy, debtor in possession, liquidator, and receiver.
(b) Definitions in other chapters applying to this chapterand the sections in which they appear are:
"Accept" or "Acceptance" § 6A-3-410
"Value" §§ 6A-3-303, 6A-4-209
(c) Chapter 1 of this title contains certain additionalgeneral definitions and principles of construction and interpretationapplicable throughout this chapter.
(1) "Adviser" means a person who, at the request of theissuer, a confirmer, or another adviser, notifies or requests another adviserto notify the beneficiary that a letter of credit has been issued, confirmed,or amended.
(2) "Applicant" means a person at whose request or for whoseaccount a letter of credit is issued. The term includes a person who requestsan issuer to issue a letter of credit on behalf of another if the person makingthe request undertakes an obligation to reimburse the issuer.
(3) "Beneficiary" means a person who under the terms of aletter of credit is entitled to have its complying presentation honored. Theterm includes a person to whom drawing rights have been transferred under atransferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, atthe request or with the consent of the issuer, to honor a presentation under aletter of credit issued by another.
(5) "Dishonor" of a letter of credit means failure timely tohonor or to take an interim action, such as acceptance of a draft, that may berequired by the letter of credit.
(6) "Document" means a draft or other demand, document oftitle, investment security, certificate, invoice, or other record, statement,or representation of fact, law, right, or opinion (i) which is presented in awritten or other medium permitted by the letter of credit or, unless prohibitedby the letter of credit, by the standard practice referred to in §6A-5-108(e) and (ii) which is capable of being examined for compliance with theterms and conditions of the letter of credit. A document may not be oral.
(7) "Good faith" means honesty in fact in the conduct ortransaction concerned.
(8) "Honor" of a letter of credit means performance of theissuer's undertaking in the letter of credit to pay or deliver an item ofvalue. Unless the letter of credit otherwise provides, "honor" occurs
(i) upon payment;
(ii) if the letter of credit provides for acceptance, uponacceptance of a draft and, at maturity, its payment; or
(iii) if the letter of credit provides for incurring adeferred obligation, upon incurring the obligation and, at maturity, itsperformance.
(9) "Issuer" means a bank or other person that issues aletter of credit, but does not include an individual who makes an engagementfor personal, family, or household purposes.
(10) "Letter of credit" means a definite undertaking thatsatisfies the requirements of § 6A-5-104 by an issuer to a beneficiary atthe request or for the account of an applicant or, in the case of a financialinstitution, to itself or for its own account, to honor a documentarypresentation by payment or delivery of an item of value.
(11) "Nominated person" means a person whom the issuer (i)designates or authorizes to pay, accept, negotiate, or otherwise give valueunder a letter of credit and (ii) undertakes by agreement or custom andpractice to reimburse.
(12) "Presentation" means delivery of a document to an issueror nominated person for honor or giving of value under a letter of credit.
(13) "Presenter" means a person making a presentation as oron behalf of a beneficiary or nominated person.
(14) "Record" means information that is inscribed on atangible medium, or that is stored in an electronic or other medium and isretrievable in perceivable form.
(15) "Successor of a beneficiary" means a person who succeedsto substantially all of the rights of a beneficiary by operation of law,including a corporation with or into which the beneficiary has been merged orconsolidated, an administrator, executor, personal representative, trustee inbankruptcy, debtor in possession, liquidator, and receiver.
(b) Definitions in other chapters applying to this chapterand the sections in which they appear are:
"Accept" or "Acceptance" § 6A-3-410
"Value" §§ 6A-3-303, 6A-4-209
(c) Chapter 1 of this title contains certain additionalgeneral definitions and principles of construction and interpretationapplicable throughout this chapter.
(1) "Adviser" means a person who, at the request of theissuer, a confirmer, or another adviser, notifies or requests another adviserto notify the beneficiary that a letter of credit has been issued, confirmed,or amended.
(2) "Applicant" means a person at whose request or for whoseaccount a letter of credit is issued. The term includes a person who requestsan issuer to issue a letter of credit on behalf of another if the person makingthe request undertakes an obligation to reimburse the issuer.
(3) "Beneficiary" means a person who under the terms of aletter of credit is entitled to have its complying presentation honored. Theterm includes a person to whom drawing rights have been transferred under atransferable letter of credit.
(4) "Confirmer" means a nominated person who undertakes, atthe request or with the consent of the issuer, to honor a presentation under aletter of credit issued by another.
(5) "Dishonor" of a letter of credit means failure timely tohonor or to take an interim action, such as acceptance of a draft, that may berequired by the letter of credit.
(6) "Document" means a draft or other demand, document oftitle, investment security, certificate, invoice, or other record, statement,or representation of fact, law, right, or opinion (i) which is presented in awritten or other medium permitted by the letter of credit or, unless prohibitedby the letter of credit, by the standard practice referred to in §6A-5-108(e) and (ii) which is capable of being examined for compliance with theterms and conditions of the letter of credit. A document may not be oral.
(7) "Good faith" means honesty in fact in the conduct ortransaction concerned.
(8) "Honor" of a letter of credit means performance of theissuer's undertaking in the letter of credit to pay or deliver an item ofvalue. Unless the letter of credit otherwise provides, "honor" occurs
(i) upon payment;
(ii) if the letter of credit provides for acceptance, uponacceptance of a draft and, at maturity, its payment; or
(iii) if the letter of credit provides for incurring adeferred obligation, upon incurring the obligation and, at maturity, itsperformance.
(9) "Issuer" means a bank or other person that issues aletter of credit, but does not include an individual who makes an engagementfor personal, family, or household purposes.
(10) "Letter of credit" means a definite undertaking thatsatisfies the requirements of § 6A-5-104 by an issuer to a beneficiary atthe request or for the account of an applicant or, in the case of a financialinstitution, to itself or for its own account, to honor a documentarypresentation by payment or delivery of an item of value.
(11) "Nominated person" means a person whom the issuer (i)designates or authorizes to pay, accept, negotiate, or otherwise give valueunder a letter of credit and (ii) undertakes by agreement or custom andpractice to reimburse.
(12) "Presentation" means delivery of a document to an issueror nominated person for honor or giving of value under a letter of credit.
(13) "Presenter" means a person making a presentation as oron behalf of a beneficiary or nominated person.
(14) "Record" means information that is inscribed on atangible medium, or that is stored in an electronic or other medium and isretrievable in perceivable form.
(15) "Successor of a beneficiary" means a person who succeedsto substantially all of the rights of a beneficiary by operation of law,including a corporation with or into which the beneficiary has been merged orconsolidated, an administrator, executor, personal representative, trustee inbankruptcy, debtor in possession, liquidator, and receiver.
(b) Definitions in other chapters applying to this chapterand the sections in which they appear are:
"Accept" or "Acceptance" § 6A-3-410
"Value" §§ 6A-3-303, 6A-4-209
(c) Chapter 1 of this title contains certain additionalgeneral definitions and principles of construction and interpretationapplicable throughout this chapter.
