U.C.C. - ARTICLE 5 -§5-110.

U.C.C. - ARTICLE 5
LETTERS OF CREDIT

§ 5-110. Availability of Credit in Portions; Presenter's Reservation of Lien or Claim.

(1) Unless otherwise specified a credit may be used in portions in the discretion of the beneficiary.

(2) Unless otherwise specified a person by presenting a documentary draft or demand for payment under a credit relinquishes upon its honor all claims to the documents and a person by transferring such draft or demand or causing such presentment authorizes such relinquishment. An explicit reservation of claim makes the draft or demand non-complying.

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© Copyright 2005 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced, published and distributed with the permission of the Permanent Editorial Board for the Uniform Commercial Code for the limited purposes of study, teaching, and academic research.

U.C.C. - ARTICLE 5 LETTERS OF CREDIT

§ 5-110. Availability of Credit in Portions; Presenter's Reservation of Lien or Claim.

U.C.C. - ARTICLE 5
LETTERS OF CREDIT