A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a record and is authenticated by 1 or more of the following:
  (a) A signature.

Terms Used In Michigan Laws 440.5104

  • 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.
  • Letter of credit: means a definite undertaking that satisfies the requirements of section 5104 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 Michigan Laws 440.5102
  • 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 Michigan Laws 440.5102
  (b) In accordance with the agreement of the parties or the standard practice referred to in section 5108(5).
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