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Commercial Code - COM - COM § 5103

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5103

(a) This division 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 division does not by itself require, imply, or negate application of the same or a different rule to a

Commercial Code - COM - COM § 5104

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5104

A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.

Commercial Code - COM - COM § 5105

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5105

Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.

Commercial Code - COM - COM § 5106

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5106

(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

Commercial Code - COM - COM § 5107

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5107

(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

Commercial Code - COM - COM § 5108

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5108

(a) Except as otherwise provided in Section 5109, an issuer shall honor a presentation that, as determined by the standard practice referred to in subdivision (e), appears on its face strictly to comply with the terms and conditions of the letter of credit. Except as otherwise pr

Commercial Code - COM - COM § 5109

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5109

(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

Commercial Code - COM - COM § 5110

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5110

(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 subdivision (a) of Section 5109; and (2) to the applicant that the drawing

Commercial Code - COM - COM § 5111

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5111

(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

Commercial Code - COM - COM § 5112

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5112

(a) Except as otherwise provided in Section 5113, 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

Commercial Code - COM - COM § 5113

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5113

(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

Commercial Code - COM - COM § 5114

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5114

(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

Commercial Code - COM - COM § 5115

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5115

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

Commercial Code - COM - COM § 5116

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5116

(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

Commercial Code - COM - COM § 5117

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5117

(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

Commercial Code - COM - COM § 5118

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 5118

(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

Commercial Code - COM - COM § 6101

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6101

This division shall be known and may be cited as Uniform Commercial Code—Bulk Sales.

Commercial Code - COM - COM § 6102

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6102

(a) In this division, unless the context otherwise requires: (1) “Assets” means the inventory and equipment that is the subject of a bulk sale and any tangible and intangible personal property used or held for use primarily in, or arising from, the seller’s business and sold in c

Commercial Code - COM - COM § 6103

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6103

(a) Except as otherwise provided in subdivision (c), this division applies to a bulk sale if both of the following are satisfied: (1) The seller’s principal business is the sale of inventory from stock, including those who manufacture what they sell, or that of a restaurant owner

Commercial Code - COM - COM § 6104

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6104

In a bulk sale as defined in subparagraph (ii) of paragraph (3) of subdivision (a) of Section 6102 the buyer shall do each of the following: (a) Obtain from the seller a list of all business names and addresses used by the seller within three years before the date the list is sen

Commercial Code - COM - COM § 6105

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6105

(a) A notice that is governed by this section shall comply with each of the following: (1) State that a bulk sale is about to be made. (2) State the name and business address of the seller together with any other business name and address listed by the seller (subdivision (a) of

Commercial Code - COM - COM § 6106.2

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6106.2

(a) This section applies only to a bulk sale where the consideration is two million dollars ($2,000,000) or less and is substantially all cash or an obligation of the buyer to pay cash in the future to the seller or a combination thereof. (b) Upon every bulk sale subject to this

Commercial Code - COM - COM § 6106.4

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6106.4

In any case where the notice of a bulk sale subject to Section 6106.2 states that claims may be filed with an escrow agent, the intended buyer shall deposit with the escrow agent the full amount of the purchase price or consideration. If, at the time the bulk sale is otherwise re

Commercial Code - COM - COM § 6107

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6107

(a) Except as provided in subdivision (c), and subject to the limitation in subdivision (d), a buyer who fails to comply with the requirements of Section 6104 with respect to a claimant is liable to the claimant for damages in the amount of the claim, reduced by any amount that t

Commercial Code - COM - COM § 6108

statute | California | California Legislative Counsel

Commercial Code - COM - COM § 6108

(a) Sections 6104, 6105, and 6107 apply to a bulk sale by auction and a bulk sale conducted by a liquidator on the seller’s behalf with the following modifications: (1) “Buyer” refers to auctioneer or liquidator, as the case may be. (2) “Net contract price” refers to net proceeds