Title 45 — Trade and Commerce
49 chapters · 1,288 sections in this title.
AS 45.05.102 Definitions.
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(a) In this chapter, (1) “adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended; (2) “applicant” means a person at w…
AS 45.05.103 Scope.
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(a) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (b) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a different rule to a s…
AS 45.05.104 Formal requirements.
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A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated (1) by a signature; or (2) under the agreement of the parties or the standard practice referred to in AS 45.05.108(e).
AS 45.05.105 Consideration.
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Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
AS 45.05.106 Issuance, amendment, cancellation, and duration.
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(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 provides that it is revocable. (b…
AS 45.05.107 Confirmer, nominated person, and adviser.
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[Repealed or reserved.]
AS 45.05.108 Issuer's rights and obligations.
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(a) Except as otherwise provided in AS 45.05.109, an issuer shall honor a presentation that, as determined by the standard practice referred to in (e) of this section, appears on its face to comply strictly with the terms and conditions of the letter of credit. Except as otherwis…
AS 45.05.109 Fraud and forgery.
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(a) If a presentation is made that appears on its face to comply strictly with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the is…
AS 45.05.110 Warranties.
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(a) If its presentation is honored, the beneficiary warrants to (1) the issuer, another person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in AS 45.05.109(a); and (2) the applicant that the drawing does not violate an ag…
AS 45.05.111 Remedies.
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(a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or…
AS 45.05.112 Transfer of letter of credit.
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(a) Except as otherwise provided in AS 45.05.113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred. (b) Even if a letter of credit provides that it is tra…
AS 45.05.113 Transfer by operation of law.
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(a) A successor of a beneficiary may consent to amendments, sign and present documents, and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor. (b) A successor of a beneficiary may consent to amendments, sign and pr…
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…
AS 45.05.118 Security interest of issuer or nominated person.
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(a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation. (b) So long as and to the extent that an issuer or nominated person has not bee…
AS 45.05.120 Secs. 45.05.120 — 45.05.124. [Renumbered as AS 45.02.326 — 45.02.328.]
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[Repealed or reserved.]
AS 45.05.125 [Renumbered as AS 45.02.350.]
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[Repealed or reserved.]
AS 45.05.126 Secs. 45.05.126 — 45.05.130. [Renumbered as AS 45.02.401 — 45.02.403.]
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[Repealed or reserved.]
AS 45.05.132 Secs. 45.05.132 — 45.05.160. [Renumbered as AS 45.02.501 — 45.02.515.]
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[Repealed or reserved.]
AS 45.05.162 Secs. 45.05.162 — 45.05.192. [Renumbered as AS 45.02.601 — 45.02.616.]
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[Repealed or reserved.]
AS 45.05.194 Secs. 45.05.194 — 45.05.242. [Renumbered as AS 45.02.701 — 45.02.725.]
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[Repealed or reserved.]
AS 45.05.246 Secs. 45.05.246 — 45.05.288. [Renumbered as AS 45.03.101 — 45.03.122.]
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[Repealed or reserved.]
AS 45.05.290 Secs. 45.05.290 — 45.05.304. [Renumbered as AS 45.03.201 — 45.03.208.]
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[Repealed or reserved.]
AS 45.05.306 Secs. 45.05.306 — 45.05.318. [Renumbered as AS 45.03.301 — 45.03.307.]
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[Repealed or reserved.]
AS 45.05.320 Secs. 45.05.320 — 45.05.356. [Renumbered as AS 45.03.401 — 45.03.419.]
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[Repealed or reserved.]
AS 45.05.358 Secs. 45.05.358 — 45.05.378. [Renumbered as AS 45.03.501 — 45.03.511.]
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[Repealed or reserved.]
AS 45.05.380 Secs. 45.05.380 — 45.05.390. [Renumbered as AS 45.03.601 — 45.03.606.]
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[Repealed or reserved.]
AS 45.05.392 [Renumbered as AS 45.03.701.]
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[Repealed or reserved.]
AS 45.05.394 Secs. 45.05.394 — 45.05.402. [Renumbered as AS 45.03.801 — 45.03.805.]
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[Repealed or reserved.]
AS 45.05.404 Secs. 45.05.404 — 45.05.418. [Renumbered as AS 45.04.101 — 45.04.108.]
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[Repealed or reserved.]
AS 45.05.420 Secs. 45.05.420 — 45.05.446. [Renumbered as AS 45.04.201 — 45.04.214.]
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[Repealed or reserved.]
AS 45.05.448 Secs. 45.05.448 — 45.05.452. [Renumbered as AS 45.04.301 — 45.04.303.]
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[Repealed or reserved.]
AS 45.05.454 Secs. 45.05.454 — 45.05.468. [Renumbered as AS 45.04.401 — 45.04.408.]
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[Repealed or reserved.]
AS 45.05.470 Secs. 45.05.470 — 45.05.474. [Renumbered as AS 45.04.502 — 45.04.504.]
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[Repealed or reserved.]
AS 45.05.476 Secs. 45.05.476 — 45.05.508. [Renumbered as AS 45.05.101 — 45.05.117.]
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[Repealed or reserved.]
AS 45.05.510 Secs. 45.05.510 — 45.05.530. [Renumbered as AS 45.06.101 — 45.06.111.]
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[Repealed or reserved.]
AS 45.05.532 Secs. 45.05.532 — 45.05.540. [Renumbered as AS 45.07.101 — 45.07.105.]
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[Repealed or reserved.]
AS 45.05.542 Secs. 45.05.542 — 45.05.560. [Renumbered as AS 45.07.201 — 45.07.210.]
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[Repealed or reserved.]
AS 45.05.562 Secs. 45.05.562 — 45.05.578. [Renumbered as AS 45.07.301 — 45.07.309.]
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[Repealed or reserved.]
AS 45.05.580 Secs. 45.05.580 — 45.05.586. [Renumbered as AS 45.07.401 — 45.07.404.]
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[Repealed or reserved.]
AS 45.05.588 Secs. 45.05.588 — 45.05.604. [Renumbered as AS 45.07.501 — 45.07.509.]
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[Repealed or reserved.]
AS 45.05.606 Secs. 45.05.606 — 45.05.610. [Renumbered as AS 45.07.601 — 45.07.603.]
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[Repealed or reserved.]
AS 45.05.611 [Renumbered as AS 45.07.650.]
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[Repealed or reserved.]
AS 45.05.612 Secs. 45.05.612 — 45.05.622. [Renumbered as AS 45.08.101 — 45.08.106.]
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[Repealed or reserved.]
AS 45.05.624 Secs. 45.05.624 — 45.05.638. [Renumbered as AS 45.08.201 — 45.08.208.]
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[Repealed or reserved.]
AS 45.05.640 Secs. 45.05.640 — 45.05.677. [Renumbered as AS 45.08.301 — 45.08.320.]
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[Repealed or reserved.]
AS 45.05.678 Secs. 45.05.678 — 45.05.688. [Renumbered as AS 45.08.401 — 45.08.406.]
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[Repealed or reserved.]
AS 45.05.690 Secs. 45.05.690 — 45.05.714. [Renumbered as AS 45.09.101 — 45.09.113.]
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[Repealed or reserved.]