Maine Revised Statutes Title 11 Sec. 5-1105 – Consideration
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Terms Used In Maine Revised Statutes Title 11 Sec. 5-1105
- Letter of credit: means a definite undertaking that satisfies the requirements of section 5?1104 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 Maine Revised Statutes Title 11 Sec. 5-1102
Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation. [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]
SECTION HISTORY
PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).