New Jersey Statutes 12A:5-105. Consideration
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 12A:5-105
- Letter of credit: means a definite undertaking that satisfies the requirements of 12A:5-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value. See New Jersey Statutes 12A:5-102
12A:5-105. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.
L.1997,c.395,s.1.