California Commercial Code

§ 5108

COM § 5108 Effective Jan 1, 1997Div. 5

Statute text

(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 provided in Section 5113 and unless otherwise agreed with the applicant, an issuer shall dishonor a presentation that does not appear so to comply.

(b)An issuer has a reasonable time after presentation, but not beyond the end of the seventh business day of the issuer after the day of its receipt of documents:

(1)to honor,

…

Legislative history

Repealed and added by Stats. 1996, Ch. 176, Sec. 7. Effective January 1, 1997.