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49 chapters · 1,198 sections in this title.
AS 45.05.114 Assignment of proceeds.
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(a) In this section, “proceeds of a letter of credit” means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or a nominated person under the letter of credit. The term does not include a beneficiary's drawing ri…
AS 45.05.115 Statute of limitations.
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An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occu…
AS 45.05.116 Choice of law and forum.
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(a) The liability of an issuer, nominated person, or adviser for an action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in AS 45.05.104 or by …
AS 45.05.117 Subrogation of issuer, applicant, and nominated person.
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(a) An issuer who honors a beneficiary's presentation is subrogated to the rights of (1) the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary; and (2) the applicant to the same extent as if the issuer we…