Chapter 405, UNIFORM COMMERCIAL CODE — LETTERS OF CREDIT
18 sections in this chapter.
Wis. Stat. § 405.101 Short title
0.1K chars
405.101 Short title. This chapter may be cited as uniform commercial code — letters of credit. History: 2005 a. 213.
Wis. Stat. § 405.102 Definitions
4.4K chars
405.102 Definitions. (1) In this chapter: (a) “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. (b) “Applica…
Wis. Stat. § 405.103 Scope
1.3K chars
405.103 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 differ…
Wis. Stat. § 405.104 Formal requirements
0.4K chars
405.104 Formal requirements. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by any of the following methods: (1) A signature. (2) In accordance with the agreement of the parties or the…
Wis. Stat. § 405.105 Consideration
0.2K chars
405.105 Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation. History: 2005 a. 213.
Wis. Stat. § 405.106 Issuance, amendment, cancellation, and duration
1.1K chars
405.106 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 credit …
Wis. Stat. § 405.107 Confirmer, nominated person, and adviser
1.5K chars
405.107 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 we…
Wis. Stat. § 405.108 Issuer’s rights and obligations
3.2K chars
405.108 Issuer’s rights and obligations. (1) Except as otherwise provided in s. 405.109, an issuer shall honor a presentation that, as determined by the standard practice referred to in sub. (5), appears on its face strictly to comply with the terms and conditions of the letter o…
Wis. Stat. § 405.109 Fraud and forgery
2.2K chars
405.109 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 fraud b…
Wis. Stat. § 405.110 Warranties
0.7K chars
405.110 Warranties. (1) If its presentation is honored, the beneficiary warrants all of the following: (a) 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 s. 405.109 (1). (b) To the applic…
Wis. Stat. § 405.111 Remedies
2.5K chars
405.111 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 subject …
Wis. Stat. § 405.112 Transfer of letter of credit
0.8K chars
405.112 Transfer of letter of credit. (1) Except as otherwise provided in s. 405.113, 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. (2) Even if a lett…
Wis. Stat. § 405.113 Transfer by operation of law
1.9K chars
405.113 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 beneficiary …
Wis. Stat. § 405.114 Assignment of proceeds
2.1K chars
405.114 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 not …
Wis. Stat. § 405.115 Statute of limitations
0.4K chars
405.115 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 date the cause of action accrues, whichever occurs later. A cau…
Wis. Stat. § 405.116 Choice of law and forum
2.3K chars
405.116 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 or otherwise authenticated by the affected parties in the manner p…
Wis. Stat. § 405.117 Subrogation of issuer, applicant, and nominated person
1.8K chars
405.117 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 beneficiary …
Wis. Stat. § 405.118 Security interest of issuer or nominated person
1.2K chars
405.118 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 to …