Hawaii Revised Statutes 490:5-108 – Issuer’s rights and obligations
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Terms Used In Hawaii Revised Statutes 490:5-108
- Applicant: means a person at whose request or for whose account a letter of credit is issued. See Hawaii Revised Statutes 490:5-102
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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.
- 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
- 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
- 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
- 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.