A
letter of credit, confirmation, advice, transfer,
amendment, or cancellation may be issued in any form that is a
record and is authenticated:
Terms Used In Utah Code 70A-5-104
- 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.
- Letter of credit: means a definite undertaking that satisfies the requirements of Section 70A-5-104 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 Utah Code 70A-5-102
- 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 Utah Code 70A-5-102
- Signature: includes a name, mark, or sign written with the intent to authenticate an instrument or writing. See Utah Code 68-3-12.5
| (2) |
in accordance with the agreement of the parties or the standard practice referred to in Subsection 70A-5-108(5). |
Repealed and Re-enacted by Chapter 241, 1997 General Session
