Michigan Laws 440.5105 – Consideration

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

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