§ 10:5-101 Short title
§ 10:5-102 Definitions
§ 10:5-103 Scope
§ 10:5-104 Formal requirements
§ 10:5-105 Consideration
§ 10:5-106 Issuance, amendment, cancellation, and duration
§ 10:5-107 Confirmor, nominated person, and adviser
§ 10:5-108 Issuer’s rights and obligations
§ 10:5-109 Fraud and forgery
§ 10:5-110 Warranties
§ 10:5-111 Remedies
§ 10:5-112 Transfer of letter of credit
§ 10:5-113 Transfer by operation of law
§ 10:5-114 Assignment of proceeds
§ 10:5-115 Statute of limitations
§ 10:5-116 Choice of law and forum
§ 10:5-117 Subrogation of issuer, applicant, and nominated person
§ 10:5-118 Security interest of issuer or nominated person

Terms Used In Louisiana Revised Statutes > Title 10 > Chapter 5

  • Adviser: means a person who, at the request of the issuer, a confirmor, or another adviser, notifies, or requests another adviser to notify, the beneficiary that a letter of credit has been issued, confirmed, or amended. See Louisiana Revised Statutes 10:5-102
  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Applicant: means a person at whose request or for whose account a letter of credit is issued. See Louisiana Revised Statutes 10:5-102
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • 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 Louisiana Revised Statutes 10:5-102
  • Confirmor: means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another. See Louisiana Revised Statutes 10:5-102
  • Conviction: A judgement of guilt against a criminal defendant.
  • Dismissal: The dropping of a case by the judge without further consideration or hearing. Source:
  • Document: means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion (i) which is presented in a written or other medium permitted by the letter of credit, or unless prohibited by the letter of credit, by the standard practice referred to in R. See Louisiana Revised Statutes 10:5-102
  • Enrolled bill: The final copy of a bill or joint resolution which has passed both chambers in identical form. It is printed on parchment paper, signed by appropriate officials, and submitted to the President/Governor for signature.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Extradition: The formal process of delivering an accused or convicted person from authorities in one state to authorities in another state.
  • 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.
  • Good faith: means honesty in fact in the conduct or transaction concerned. See Louisiana Revised Statutes 10:5-102
  • Issuer: means a financial institution 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 Louisiana Revised Statutes 10:5-102
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Letter of credit: means a definite undertaking that satisfies the requirements of R. See Louisiana Revised Statutes 10:5-102
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Nominated person: means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and (ii) undertakes by agreement or custom and practice to reimburse. See Louisiana Revised Statutes 10:5-102
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Louisiana Revised Statutes 10:5-102
  • Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Louisiana Revised Statutes 10:5-102
  • 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 Louisiana Revised Statutes 10:5-102
  • 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.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Successor of a beneficiary: means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver. See Louisiana Revised Statutes 10:5-102
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
  • Venue: The geographical location in which a case is tried.