490:5-101 Short title
490:5-102 Definitions
490:5-103 Scope
490:5-104 Formal requirements
490:5-105 Consideration
490:5-106 Issuance, amendment, cancellation, and duration
490:5-107 Confirmer, nominated person, and advisor
490:5-108 Issuer’s rights and obligations
490:5-109 Fraud and forgery
490:5-110 Warranties
490:5-111 Remedies
490:5-112 Transfer of letter of credit
490:5-113 Transfer by operation of law
490:5-114 Assignment of proceeds
490:5-115 Statute of limitations
490:5-116 Choice of law and forum
490:5-117 Subrogation of issuer, applicant, and nominated person
490:5-118 Security interest of issuer or nominated person

Terms Used In Hawaii Revised Statutes > Chapter 490 > ARTICLE 5 - LETTERS OF CREDIT

  • 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. See Hawaii Revised Statutes 490:5-102
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Applicant: means a person at whose request or for whose account a letter of credit is issued. See Hawaii Revised Statutes 490:5-102
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. See Hawaii Revised Statutes 490:5-102
  • Confirmer: means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. See Hawaii Revised Statutes 490:5-102
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Document: means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion (i) which is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in § 490:5-108(e), and (ii) which is capable of being examined for compliance with the terms and conditions of the letter of credit. See Hawaii Revised Statutes 490:5-102
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Good faith: means honesty in fact in the conduct or transaction concerned. See Hawaii Revised Statutes 490:5-102
  • Issuer: means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes. See Hawaii Revised Statutes 490:5-102
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Letter of credit: means a definite undertaking that satisfies the requirements of § 490:5-104 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 Hawaii Revised Statutes 490:5-102
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Nominated person: means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit, and (ii) undertakes by agreement or custom and practice to reimburse. See Hawaii Revised Statutes 490:5-102
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Hawaii Revised Statutes 490:5-102
  • Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Hawaii Revised Statutes 490:5-102
  • Record: means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium and is retrievable in perceivable form. See Hawaii Revised Statutes 490:5-102
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Successor of a beneficiary: means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver. See Hawaii Revised Statutes 490:5-102
  • Trustee: A person or institution holding and administering property in trust.