§ 70A-5-101 Title
§ 70A-5-102 Definitions
§ 70A-5-103 Scope
§ 70A-5-104 Formal requirements
§ 70A-5-105 Consideration
§ 70A-5-106 Issuance, amendment, cancellation, and duration
§ 70A-5-107 Confirmer, nominated person, and adviser
§ 70A-5-108 Issuer’s rights and obligations
§ 70A-5-109 Fraud and forgery
§ 70A-5-110 Warranties
§ 70A-5-111 Remedies
§ 70A-5-112 Transfer of letter of credit
§ 70A-5-113 Transfer by operation of law
§ 70A-5-114 Assignment of proceeds
§ 70A-5-115 Statute of limitations
§ 70A-5-116 Choice of law and forum
§ 70A-5-117 Subrogation of issuer, applicant, and nominated person
§ 70A-5-118 Security interest of issuer or nominated person
§ 70A-5-119 Applicability
§ 70A-5-120 Savings clause

Terms Used In Utah Code > Title 70A > Chapter 5

  • Administrator: includes "executor" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • 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 Utah Code 70A-5-102
  • 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.
  • Applicant: means a person at whose request or for whose account a letter of credit is issued. See Utah Code 70A-5-102
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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 Utah Code 70A-5-102
  • Certificate of organization: means the certificate required by Section 48-3a-201. See Utah Code 48-3a-102
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • 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 Utah Code 70A-5-102
  • 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.
  • Distribution: means a transfer of money or other property from a limited liability company to a person on account of a transferable interest or in the person's capacity as a member. See Utah Code 48-3a-102
  • Division: means the Division of Corporations and Commercial Code. See Utah Code 48-3a-102
  • 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:
    (a) which 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 Subsection 70A-5-108(5); and
    (b) which is capable of being examined for compliance with the terms and conditions of the letter of credit. See Utah Code 70A-5-102
  • 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: includes "administrator" when the subject matter justifies the use. See Utah Code 68-3-12.5
  • Foreign limited liability company: means an unincorporated entity formed under the law of a jurisdiction other than this state, which would be a limited liability company, including a low-profit limited liability company, if formed under the law of this state. See Utah Code 48-3a-102
  • 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 Utah Code 70A-5-102
  • Governing person: means a person, alone or in concert with others, by or under whose authority the powers of the limited liability company are exercised and under whose direction the activities and affairs of the limited liability company are managed pursuant to this chapter and the limited liability company's operating agreement. See Utah Code 48-3a-102
  • 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 Utah Code 70A-5-102
  • 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 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Manager: means a person that under the operating agreement of a manager- managed limited liability company is responsible, alone or in concert with others, for performing the management functions stated in Subsection 48-3a-407(3). See Utah Code 48-3a-102
  • Manager-managed limited liability company: means a limited liability company that qualifies under Subsection 48-3a-407(1). See Utah Code 48-3a-102
  • Member: means a person that:
    (a) has become a member of a limited liability company under Section 48-3a-401 or was a member in a company when the company became subject to this chapter under Section 48-3a-1405; and
    (b) has not dissociated under Section 48-3a-602. See Utah Code 48-3a-102
  • Member-managed limited liability company: means a limited liability company that is not a manager-managed limited liability company. See Utah Code 48-3a-102
  • Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
  • 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 Utah Code 70A-5-102
  • 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.
  • Operating agreement: means the agreement, whether or not referred to as an operating agreement and whether oral, implied, in a record, or in any combination thereof, of all the members of a limited liability company, including a sole member, concerning the matters described in Subsection 48-3a-112(1). See Utah Code 48-3a-102
  • Organizer: means a person that acts under Section 48-3a-201 to form a limited liability company. See Utah Code 48-3a-102
  • Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common-law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Utah Code 48-3a-102
  • Person: means :Utah Code 68-3-12.5
  • Presentation: means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit. See Utah Code 70A-5-102
  • Presenter: means a person making a presentation as or on behalf of a beneficiary or nominated person. See Utah Code 70A-5-102
  • Principal office: means the principal executive office of a limited liability company or foreign limited liability company, whether or not the office is located in this state. See Utah Code 48-3a-102
  • Property: means all property, whether real, personal, or mixed or tangible or intangible, or any right or interest therein. See Utah Code 48-3a-102
  • real property: includes :Utah Code 68-3-12.5
  • 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
  • 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
  • Registered agent: means an agent of a limited liability company or foreign limited liability company which is authorized to receive service of any process, notice, or demand required or permitted by law to be served on the company. See Utah Code 48-3a-102
  • Registered foreign limited liability company: means a foreign limited liability company that is registered to do business in this state pursuant to a statement of registration filed by the division. See Utah Code 48-3a-102
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • right of contribution: means property or a benefit described in Section 48-3a-402, which is provided by a person to a limited liability company to become a member or in the person's capacity as a member. See Utah Code 48-3a-102
  • Sign: means , with present intent to authenticate or adopt a record:
    (a) to execute or adopt a tangible symbol; or
    (b) to attach to or logically associate with the record an electronic symbol, sound, or process. See Utah Code 48-3a-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
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 48-3a-102
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Statute: A law passed by a legislature.
  • 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 Utah Code 70A-5-102
  • Transfer: includes :
    (a) an assignment;
    (b) a conveyance;
    (c) a sale;
    (d) a lease;
    (e) an encumbrance, including a mortgage or security interest;
    (f) a gift; and
    (g) a transfer by operation of law. See Utah Code 48-3a-102
  • Transferable interest: means the right, as initially owned by a person in the person's capacity as a member, to receive distributions from a limited liability company in accordance with the operating agreement, whether or not the person remains a member or continues to own any part of the right. See Utah Code 48-3a-102
  • Transferee: means a person to which all or part of a transferable interest has been transferred, whether or not the transferor is a member. See Utah Code 48-3a-102
  • Trustee: A person or institution holding and administering property in trust.
  • Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
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