(a) If its presentation is honored, the beneficiary warrants to

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Terms Used In Alaska Statutes 45.05.110

  • 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.
  • person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(1) the issuer, another person to whom presentation is made, and the applicant that there is no fraud or forgery of the kind described in Alaska Stat. § 45.05.109(a); and
(2) the applicant that the drawing does not violate an agreement between the applicant and beneficiary or another agreement intended by them to be augmented by the letter of credit.
(b) The warranties in (a) of this section are in addition to warranties arising under Alaska Stat. Chapter 45.03, Alaska Stat. Chapter 45.04, Alaska Stat. Chapter 45.07, and Alaska Stat. Chapter 45.08 because of the presentation or transfer of documents covered by those chapters.
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