Title 11A — Uniform Commercial Code
0 chapters · 598 sections in this title.
11A V.I.C. § 4A-504 Order in which items and payment orders may be charged to account; order of withdrawals from account
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(a) 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's account, the bank may charge the sender's account with respect to the various orders and items in any sequence. (b) In d…
11A V.I.C. § 4A-505 Preclusion of objection to debit of customer's account
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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 identifying the order, the customer is precluded from asserting that…
11A V.I.C. § 4A-506 Rate of interest
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(a) If, under this Article, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined (i) by agreement of the sender and receiving bank, or (ii) by a funds-transfer system rule if the payment order is tran…
11A V.I.C. § 4A-507 Choice of law
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(a) The following rules apply unless the affected parties otherwise agree or subsection (c) applies:(1) 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 receiving bank is located.(2) T…
11A V.I.C. § 5-101 Short title
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This article may be cited as Uniform Commercial Code—Letters of Credit.
11A V.I.C. § 5-102 Definitions
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(a) In this article:(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 who…
11A V.I.C. § 5-103 Scope
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(a) This article 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 article does not by itself require, imply, or negate application of the same or a different rule to a s…
11A V.I.C. § 5-104 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 (i) by a signature or (ii) in accordance with the agreement of the parties or the standard practice referred to in Section 5–108(e).
11A V.I.C. § 5-105 Consideration
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Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
11A V.I.C. § 5-106 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 so provides. (b) After a letter o…
11A V.I.C. § 5-107 Confirmer, nominated person, and adviser
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(a) 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 were an applicant and the confirmer had issued the l…
11A V.I.C. § 5-108 Issuer's rights and obligations
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(a) Except as otherwise provided in Section 5–109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subsection (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise pr…
11A V.I.C. § 5-109 Fraud and forgery
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(a) 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 fraud by the beneficiary on the is…
11A V.I.C. § 5-110 Warranties
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(a) If its presentation is honored, the beneficiary warrants:(1) 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 Section 5–109(a); and(2) to the applicant that the drawing does not violate …
11A V.I.C. § 5-111 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…
11A V.I.C. § 5-112 Transfer of letter of credit
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(a) Except as otherwise provided in Section 5–113, 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 tr…
11A V.I.C. § 5-113 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…
11A V.I.C. § 5-114 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 any nominated person under the letter of credit. The term does not include a beneficiary's drawing …
11A V.I.C. § 5-115 Statute of limitations
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An action to enforce a right or obligation arising under this article 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…
11A V.I.C. § 5-116 Choice of law and forum
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(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 or otherwise authenticated by the affected parties in the manner provided in Section 5–104 or by a …
11A V.I.C. § 5-117 Subrogation of issuer, applicant, and nominated person
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(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…
11A V.I.C. § 5-118 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…
11A V.I.C. § 7-101 Short title
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This article shall be known and may be cited as Uniform Commercial Code-Documents of Title.
11A V.I.C. § 7-102 Definitions and index of definitions
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(1) In this article, unless the context otherwise requires:(a) “Bailee” means the person who by a warehouse receipt, bill of lading or other document of title acknowledges possession of goods and contracts to deliver them.(b) “Consignee” means the person named in a bill to whom o…
11A V.I.C. § 7-103 Relation of article to treaty, statute, tariff, classification or regulation
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To the extent that any treaty or statute of the United States, regulatory statute of this state or tariff, classification or regulation filed or issued pursuant thereto is applicable, the provisions of this Article are subject thereto.
11A V.I.C. § 7-104 Negotiable and non-negotiable warehouse receipt, bill of lading or other document of title
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(1) A warehouse receipt, bill of lading or other document of title is negotiable(a) if by its terms the goods are to be delivered to bearer or to the order of a named person; or(b) where recognized in overseas trade, if it runs to a named person or assigns. (a) if by its terms th…
11A V.I.C. § 7-105 Construction against negative implication
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The omission from either part 2 or part 3 of this article of a provision corresponding to a provision made in the other part does not imply that a corresponding rule of law is not applicable.
11A V.I.C. § 7-201 Who may issue a warehouse receipt; storage under government bond
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(1) A warehouse receipt may be issued by any warehouseman. (2) Where goods including distilled spirits and agricultural commodities are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a rece…
11A V.I.C. § 7-202 Form of warehouse receipt; essential terms; optional terms
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(1) A warehouse receipt need not be in any particular form. (2) Unless a warehouse receipt embodies within its written or printed terms each of the following, the warehouseman is liable for damages caused by the omission to a person injured thereby:(a) the location of the warehou…
11A V.I.C. § 7-203 Liability for non-receipt or misdescription
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A party to or purchaser for value in good faith of a document of title other than a bill of lading relying in either case upon the description therein of the goods may recover from the issuer damages caused by the non-receipt or misdescription of the goods, except to the extent t…
11A V.I.C. § 7-204 Duty of care; contractual limitation of warehouseman's liability
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(1) A warehouseman is liable for damages for loss of or injury to the goods caused by his failure to exercise such care in regard to them as a reasonably careful man would exercise under like circumstances but unless otherwise agreed he is not liable for damages which could not h…
11A V.I.C. § 7-205 Title under warehouse receipt defeated in certain cases
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A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouseman who is also in the business of buying and selling such goods takes free of any claim under a warehouse receipt even though it has been duly negotiated.
11A V.I.C. § 7-206 Termination of storage at warehouseman's option
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(1) A warehouseman may on notifying the person on whose account the goods are held and any other person known to claim an interest in the goods require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by the docu…
11A V.I.C. § 7-207 Goods must be kept separate; fungible goods
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(1) Unless the warehouse receipt otherwise provides, a warehouseman must keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods except that different lots of fungible goods may be commingled. (2) Fungible goods so c…
11A V.I.C. § 7-208 Altered warehouse receipts
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Where a blank in a negotiable warehouse receipt has been filled in without authority, a purchaser for value and without notice of the want of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any receipt enforceable against the issuer accor…
11A V.I.C. § 7-209 Lien of warehouseman
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(1) A warehouseman has a lien against the bailor on the goods covered by a warehouse receipt or on the proceeds thereof in his possession for charges for storage or transportation (including demurrage and terminal charges), insurance, labor, or charges present or future in relati…
11A V.I.C. § 7-210 Enforcement of warehouseman's lien
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(1) Except as provided in subsection (2), a warehouseman's lien may be enforced by public or private sale of the goods in block or in parcels, at any time or place and on any terms which are commercially reasonable, after notifying all persons known to claim an interest in the go…
11A V.I.C. § 7-301 Liability for non-receipt or misdescription; “said to contain”; “shipper's load and count”; improper handling
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(1) A consignee of a non-negotiable bill who has given value in good faith or a holder to whom a negotiable bill has been duly negotiated relying in either case upon the description therein of the goods, or upon the date therein shown, may recover from the issuer damages caused b…
11A V.I.C. § 7-302 Through bills of lading and similar documents
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(1) The issuer of a through bill of lading or other document embodying an undertaking to be performed in part by persons acting as its agents or by connecting carriers is liable to anyone entitled to recover on the document for any breach by such other persons or by a connecting …
11A V.I.C. § 7-303 Diversion; reconsignment; change of instructions
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(1) Unless the bill of lading otherwise provides, the carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods on instructions from(a) the holder of a negotiable bill; or(b) the consignor on a non-negotiable…
11A V.I.C. § 7-304 Bills of lading in a set
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(1) Except where customary in overseas transportation, a bill of lading must not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection. (2) Where a bill of lading is lawfully drawn in a set of parts, each of which is numbered and exp…
11A V.I.C. § 7-305 Destination bills
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(1) Instead of issuing a bill of lading to the consignor at the place of shipment a carrier may at the request of the consignor procure the bill to be issued at destination or at any other place designated in the request. (2) Upon request of anyone entitled as against the carrier…
11A V.I.C. § 7-306 Altered bills of lading
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An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.
11A V.I.C. § 7-307 Lien of carrier
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(1) A carrier has a lien on the goods covered by a bill of lading for charges subsequent to the date of its receipt of the goods for storage or transportation (including demurrage and terminal charges) and for expenses necessary for preservation of the goods incident to their tra…
11A V.I.C. § 7-308 Enforcement of carrier's lien
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(1) A carrier's lien may be enforced by public or private sale of the goods, in block or in parcels, at any time or place and on any terms which are commercially reasonable, after notifying all persons known to claim an interest in the goods. Such notification must include a stat…
11A V.I.C. § 7-309 Duty of care; contractual limitation of carrier's liability
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(1) A carrier who issues a bill of lading whether negotiable or non-negotiable must exercise the degree of care in relation to the goods which a reasonably careful man would exercise under like circumstances. This subsection does not repeal or change any law or rule of law which …
11A V.I.C. § 7-401 Irregularities in issue of receipt or bill or conduct of issuer
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(a) The obligations imposed by this article on an issuer apply to a document of title regardless of the fact that(a) the document may not comply with the requirements of this article or of any other law or regulation regarding its issue, form or content; or(b) the issuer may have…
11A V.I.C. § 7-402 Duplicate receipt or bill; overissue
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Neither a duplicate nor any other document of title purporting to cover goods already represented by an outstanding document of the same issuer confers any right in the goods, except as provided in the case of bills in a set, overissue of documents for fungible goods and substitu…
11A V.I.C. § 7-403 Obligation of warehouseman or carrier to deliver; excuse
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(1) The bailee must deliver the goods to a person entitled under the document who complies with subsections (2) and (3), unless and to the extent that the bailee establishes any of the following:(a) delivery of the goods to a person whose receipt was rightful as against the claim…
11A V.I.C. § 7-404 No liability for good faith delivery pursuant to receipt or bill
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A bailee who in good faith including observance of reasonable commercial standards has received goods and delivered or otherwise disposed of them according to the terms of the document of title or pursuant to this article is not liable therefor. This rule applies even though the …