§ 1305.01 Definitions – UCC 5-102
§ 1305.02 Scope – UCC 5-103
§ 1305.03 Formal requirements – UCC 5-104
§ 1305.04 Consideration – UCC 5-105
§ 1305.05 Issuance, amendment, cancellation, and duration – UCC 5-106
§ 1305.06 Confirmer, nominated person, and adviser – UCC 5-107
§ 1305.07 Issuer’s rights and obligations – UCC 5-108
§ 1305.08 Fraud and forgery – UCC 5-109
§ 1305.09 Warranties – UCC 5-110
§ 1305.10 Remedies – UCC 5-111
§ 1305.11 Transfer of letter of credit – UCC 5-112
§ 1305.12 Transfer by operation of law – UCC 5-113
§ 1305.13 Assignment of proceeds – UCC 5-114
§ 1305.14 Statute of limitations – UCC 5-115
§ 1305.15 Choice of law and forum – UCC 5-116
§ 1305.16 Subrogation of issuer, applicant, and nominated person – UCC 5-117
§ 1305.18 Security interest of issuer or nominated person – UCC 5-118

Terms Used In Ohio Code > Chapter 1305

  • 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 Ohio Code 1305.01
  • 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.
  • Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
  • Applicant: means a person at whose request or for whose account a letter of credit is issued. See Ohio Code 1305.01
  • 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: means a person who, under the terms of a letter of credit, is entitled to have its complying presentation honored. See Ohio Code 1305.01
  • 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 Ohio Code 1305.01
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • 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 that is (a) 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 division (E) of section 1305. See Ohio Code 1305.01
  • 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
  • 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 Ohio Code 1305.01
  • 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 Ohio Code 1305.01
  • 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.
  • Letter of credit: means a definite undertaking that satisfies the requirements of section 1305. See Ohio Code 1305.01
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Nominated person: means a person whom the issuer (a) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and (b) undertakes by agreement or custom and practice to reimburse. See Ohio Code 1305.01
  • 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.
  • Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Ohio Code 1305.01
  • Presenter: means a person making a presentation as, or on behalf of, a beneficiary or nominated person. See Ohio Code 1305.01
  • 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 Ohio Code 1305.01
  • 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.
  • Rule: includes regulation. See Ohio Code 1.59
  • state: means the state of Ohio. See Ohio Code 1.59
  • 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 Ohio Code 1305.01
  • Trustee: A person or institution holding and administering property in trust.
  • Undertaking: includes a bond. See Ohio Code 1.02