§ 5-101 Short Title
§ 5-102 Definitions
§ 5-103 Scope
§ 5-104 Formal Requirements
§ 5-105 Consideration
§ 5-106 Issuance, Amendment, Cancellation, and Duration
§ 5-107 Confirmer, Nominated Person, and Advisor
§ 5-108 Issuer’S Rights and Obligations
§ 5-109 Fraud and Forgery
§ 5-110 Warranties
§ 5-111 Remedies
§ 5-112 Transfer of Letter of Credit
§ 5-113 Transfer by Operation of Law
§ 5-114 Assignment of Proceeds
§ 5-115 Statute of Limitations
§ 5-116 Choice of Law and Forum
§ 5-117 Subrogation of Issuer, Applicant, and Nominated Person
§ 5-118 Security Interest of Issuer or Nominated Person
§ 5-119 Applicability
§ 5-120 Savings Clause

Terms Used In New York Laws > Uniform Commercial Code > Article 5

  • 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
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Executor: A male person named in a will to carry out the decedent
  • 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.
  • Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • 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.
  • Statute: A law passed by a legislature.