§ 5-1101 Short title
§ 5-1102 Definitions
§ 5-1103 Scope
§ 5-1104 Formal requirements
§ 5-1105 Consideration
§ 5-1106 Issuance, amendment, cancellation and duration
§ 5-1107 Confirmer, nominated person and adviser
§ 5-1108 Issuer’s rights and obligations
§ 5-1109 Fraud and forgery
§ 5-1110 Warranties
§ 5-1111 Remedies
§ 5-1112 Transfer of letter of credit
§ 5-1113 Transfer by operation of law
§ 5-1114 Assignment of proceeds
§ 5-1115 Statute of limitations
§ 5-1116 Choice of law and forum
§ 5-1117 Subrogation of issuer, applicant and nominated person
§ 5-1118 Security interest of issuer or nominated person

Terms Used In Maine Revised Statutes > Title 11 > Article 5-A

  • Adviser: means a person who, at the request of the issuer, a confirmer or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed or amended. See Maine Revised Statutes Title 11 Sec. 5-1102
  • Advisory council: means the Tobacco Prevention and Control Advisory Council. See Maine Revised Statutes Title 22 Sec. 271
  • Applicant: means a person at whose request or for whose account a letter of credit is issued. See Maine Revised Statutes Title 11 Sec. 5-1102
  • 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 Maine Revised Statutes Title 11 Sec. 5-1102
  • Bureau: means the Bureau of Health. See Maine Revised Statutes Title 22 Sec. 271
  • Confirmer: 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 Maine Revised Statutes Title 11 Sec. 5-1102
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Dependent: A person dependent for support upon another.
  • Document: means a written draft or other demand, document of title, investment security, certificate, invoice or other record, statement or representation of fact, law, right or opinion that:  
    (i) 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 section 5-1108, subsection (5); and  
    (ii) Is capable of being examined for compliance with the terms and conditions of the letter of credit. See Maine Revised Statutes Title 11 Sec. 5-1102
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Executor: A male person named in a will to carry out the decedent
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • 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
  • Good faith: means honesty in fact in the conduct or transaction concerned. See Maine Revised Statutes Title 11 Sec. 5-1102
  • Infant: means a person who has not attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
  • 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 Maine Revised Statutes Title 11 Sec. 5-1102
  • 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
  • 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 Maine Revised Statutes Title 11 Sec. 5-1102
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Maine Revised Statutes Title 11 Sec. 5-1102
  • Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Maine Revised Statutes Title 11 Sec. 5-1102
  • Program: means the Tobacco Prevention and Control Program. See Maine Revised Statutes Title 22 Sec. 271
  • 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 Maine Revised Statutes Title 11 Sec. 5-1102
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • 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 Maine Revised Statutes Title 11 Sec. 5-1102
  • Tobacco products: means any form of tobacco and any material or device used in the smoking, chewing or other form of tobacco consumption, including cigarette papers and pipes. See Maine Revised Statutes Title 22 Sec. 271
  • Trustee: A person or institution holding and administering property in trust.