Ohio Revised Code Search

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

... 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 of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation t...

... for the account of the issuer. (B) A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation. (C) A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of ...

...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; (2) If the letter of credit provides for honor to be completed more than seven business days after presentation, to accept a draft or incur a deferred obligation; or (3) To give notice to the presenter of discrepancies in the pres...

...e 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 issuer or applicant: (1) The issuer shall honor the presentation, if honor is demanded by (a) a nominated person who has given value in good faith and without notice of ...

...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 division (A) of section 1305.08 of the Revised Code; and (2) To the applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit. (B) The warranties in division ...

...tation, 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 repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either c...

...transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer that is within the standard practice referred to in division (E) of section 1305.07 of the Revised Code or is otherwise reasonable under the circumstances.

... substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in division (E) of section 1305.07 of the Revised Code or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer. (C) An issuer is not obliged to determine whether a p...

...of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary. (B) A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit. (C) An issuer or nominate...

...ion 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 action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach.

...rned 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 1305.03 of the Revised Code or by a provision in the person's letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction. (B) Unless division (A) of this section appl...

...against any beneficiary, presenter, or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in division (A) of this section. (C) A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of...

...erson 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 been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under division (A) of this section, the security interest...

...s found in their language or inferred from other circumstances and from rules, regulations, and procedures given the effect of agreements under laws otherwise applicable to a particular transaction. (B) "Automated transaction" means a transaction conducted or performed, in whole or in part, by electronic means or electronic records, in which the acts or records of one or both parties are not reviewed by an individua...

...o not apply to a transaction to the extent it is governed by any of the following: (1) A law governing the creation and execution of wills, codicils, or testamentary trusts; (2) Chapter 1301., except section 1301.306, and Chapters 1303., 1304., 1305., 1307., 1308., and 1309. of the Revised Code.

...ic signature created, generated, sent, communicated, received, or stored on or after the effective date of sections 1306.01 to 1306.23 of the Revised Code.

...nature to be created, generated, sent, communicated, received, stored, or otherwise processed or used by electronic means or in electronic form. (B) Sections 1306.01 to 1306.23 of the Revised Code apply only to transactions between parties each of which has agreed to conduct transactions by electronic means. Whether the parties agree to conduct a transaction by electronic means is determined from the context and sur...

...cilitate electronic transactions consistent with other applicable law; (B) To be consistent with reasonable practices concerning electronic transactions and with the continued expansion of those practices; (C) To effectuate its general purpose to make uniform the law with respect to the subject of sections 1306.01 to 1306.15 of the Revised Code among states enacting the uniform electronic transactions act.

...(A) A record or signature may not be denied legal effect or enforceability solely because it is in electronic form. (B) A contract may not be denied legal effect or enforceability solely because an electronic record was used in its formation. (C) If a law requires a record to be in writing, an electronic record satisfies the law. (D) If a law requires a signature, an electronic signature satisfies the law.

...layed in a certain manner, to be sent, communicated, or transmitted by a specified method, or to contain information that is formatted in a certain manner, all of the following apply: (1) The record shall be posted or displayed in the manner specified in the other law. (2) Except as otherwise provided in division (D)(2) of this section, the record shall be sent, communicated, or transmitted by the method specified ...

... adoption, including the parties' agreement, if any, and otherwise as provided by law.

... or correction of the error and, at the time the individual learns of the error, the individual does all of the following: (a) The individual promptly notifies the other person of the error and that the individual did not intend to be bound by the electronic record received by the other person. (b) The individual takes reasonable steps, including steps that conform to the other person's reasonable instructions, to ...

...rified, or made under oath, the requirement is satisfied if the electronic signature of the person authorized to perform those acts, together with all other information required to be included by other applicable law, is attached to or logically associated with the signature or record.

...) The electronic record accurately and completely reflects the information set forth in the record after it was first generated in its final form as an electronic record or otherwise. (2) The electronic record remains accessible for later reference. (B) A requirement to retain a record in accordance with division (A) of this section does not apply to any information the sole purpose of which is to enable the record...