Illinois Compiled Statutes 810 ILCS 5/5-110 – Warranties
Current as of: 2024 | Check for updates
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(a) If its presentation is honored, the beneficiary warrants:
(1) to the issuer, any other person to whom
(1) to the issuer, any other person to whom
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presentation is made, and the applicant that there is no fraud or forgery of the kind described in Section 5-109(a); and
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(2) to the applicant that the drawing does not
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violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.
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(b) The warranties in subsection (a) are in addition to warranties arising under Articles 3, 4, 7, and 8 because of the presentation or transfer of documents covered by any of those Articles.
Terms Used In Illinois Compiled Statutes 810 ILCS 5/5-110
- 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
- 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.