N.Y. Uniform Commercial Code 5-119 – Applicability
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Section 5–119. Applicability.
Terms Used In N.Y. Uniform Commercial Code 5-119
- 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.
This article applies to a letter of credit that is issued on or after the effective date of this article. This article does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before the effective date of this article.