Title 70A, Title 70A: Uniform Commercial Code

70A-4a-401. Payment date. "Payment date" of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary's bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is rece…

70A-4a-402. Obligation of sender to pay receiving bank. (1) This section is subject to Section. 70A-4a-205 (2) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but pay…

70A-4a-403. Payment by sender to receiving bank. (1) Payment of the sender's obligation under Sectionto pay the receiving bank occurs as follows: 70A-4a-402 If the sender is a bank, payment occurs when the receiving bank receives final settlement of the obligation through a Feder…

70A-4a-404. Obligation of beneficiary's bank to pay and give notice to beneficiary. (1) Subject to Subsectionand Subsectionsand, if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on …

70A-4a-405. Payment by beneficiary's bank to beneficiary. (1) If a beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under Subsectionoccurs when and to the extent: 70A-4a-404(1) the beneficiary is notified of the right t…

70A-4a-406. Payment by originator to beneficiary -- Discharge of underlying obligation. (1) Subject to Subsectionand Subsectionsand, the originator of a funds transfer pays the beneficiary of the originator's payment order: 70A-4a-211(5) 70A-4a-405(4) (5) at the time a payment or…

70A-4a-501. Variation by agreement and effect of funds transfer system rule. (1) Except as otherwise provided in this chapter, rights and obligations of a party to a funds transfer may be varied by agreement of the affected party. (2) "Funds transfer system rule" means a rule of …

70A-4a-502. Creditor process served on receiving bank -- Setoff by beneficiary's bank. (1) As used in this section, "creditor process" means levy, attachment, garnishment, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant wit…

70A-4a-503. Injunction or restraining order with respect to funds transfer. (1) For proper cause and in compliance with applicable law, a court may restrain: a person from issuing a payment order to initiate a funds transfer; an originator's bank from executing the payment order …

70A-4a-504. Order in which items and payment orders may be charged to an account -- Order of withdrawals from an account. (1) If a receiving bank has received more than one payment order of the sender or one or more payment orders and other items that are payable from the sender'…

70A-4a-505. Preclusion of objection to debit of customer's account. If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably …

70A-4a-506. Rate of interest. (1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined: by agreement of the sender and receiving bank; or if the payment order is transmitted th…

70A-4a-507. Choice of law. (1) The following rules apply unless the affected parties otherwise agree or Subsectionapplies: (3) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receivin…

70A-5-101. Title. This chapter shall be known as "Uniform Commercial Code -- Letters of Credit."

70A-5-102. Definitions. As used 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) "Ap…

70A-5-103. Scope. (1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit. (2) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a dif…

70A-5-104. Formal requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.

70A-5-105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.

70A-5-106. Issuance, amendment, cancellation, and duration. (1) 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 cred…

70A-5-107. Confirmer, nominated person, and adviser. (1) A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer…

70A-5-108. Issuer's rights and obligations. (1) Except as otherwise provided in Section, an issuer shall honor a presentation that, as determined by the standard practice referred to in Subsection, appears on its face strictly to comply with the terms and conditions of the letter…

70A-5-109. Fraud and forgery. (1) If a presentation is made that appears on its face strictly to comply 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 frau…

70A-5-110. Warranties. (1) If its presentation is honored, the beneficiary warrants: to the issuer, any other person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Subsection; and 70A-5-109(1) to the applicant that the d…

70A-5-111. Remedies. (1) 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 subje…

70A-5-112. Transfer of letter of credit. (1) Except as otherwise provided in Section, 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. 70A-5-113 (2) Even…

70A-5-113. Transfer by operation of law. (1) 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. (2) A successor of a beneficia…

70A-5-114. Assignment of proceeds. (1) 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 any nominated person under the letter of credit. The term does n…

70A-5-115. Statute of limitations. 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 …

70A-5-116. Choice of law and forum. (1) 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 lette…

70A-5-117. Subrogation of issuer, applicant, and nominated person. (1) 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 beneficia…

70A-5-118. Security interest of issuer or nominated person. (1) 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. (2) So long as and …

70A-5-119. Applicability. This act applies to a letter of credit that is issued on or after July 1, 1997. This act does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before July 1, 1997.

70A-5-120. Savings clause. A transaction arising out of or associated with a letter of credit that was issued before July 1, 1997, and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this act as …

70A-7a-101. Title. This chapter is known as the "Uniform Commercial Code - Documents of Title."

70A-7a-102. Definitions and index of definitions. (1) In this chapter, unless the context otherwise requires: "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them. "Carrier" …

70A-7a-103. Relation of chapter to treaty or statute. (1) This chapter is subject to any treaty or statute of the United States or regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable. (2) This chapter does not modify or repeal a…

70A-7a-104. Negotiable and nonnegotiable document of title. (1) Except as otherwise provided in Subsection, a document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person. (3) (2) A document of title other than one desc…

70A-7a-105. Reissuance in alternative medium. (1) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if: the person entitled under the el…

70A-7a-106. Control of electronic document of title. (1) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic documen…

70A-7a-201. Person that may issue a warehouse receipt -- Storage under bond. (1) A warehouse receipt may be issued by any warehouse. (2) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license…

70A-7a-202. Form of warehouse receipt -- Effect of omission. (1) A warehouse receipt need not be in any particular form. (2) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission: a statement …

70A-7a-203. Liability for nonreceipt or misdescription. A party to or purchaser for value in good faith of a document of title, other than a bill of lading, that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt …

70A-7a-204. Duty of care -- Contractual limitation of warehouse's liability. (1) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circ…

70A-7a-205. Title under warehouse receipt defeated in certain cases. A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receip…

70A-7a-206. Termination of storage at warehouse's option. (1) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehou…

70A-7a-207. Goods must be kept separate -- Fungible goods. (1) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fu…