™Your Policy Risk Impact Agent
88 chapters · 2,278 sections in this title.
Ark. Code Ann. § 4-5-115 Statute of limitations
0.4K chars
An action to enforce a right or obligation arising under this chapter must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) year after the cause of action accrues, whichever occurs later. A cause of action accrues when the bre…
Ark. Code Ann. § 4-5-116 Choice of law and forum. [Effective September 1, 2026.]
2.8K chars
(a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed by the affected parties or by a provision in the person's letter of credit, confirmation, or other …
Ark. Code Ann. § 4-5-117 Subrogation of issuer, applicant, and nominated person
2.3K chars
(a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were th…
Ark. Code Ann. § 4-5-118 Security interest of issuer or nominated person
1.7K chars
(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…