reglab/housing_qa huggingface dataset:
SC Code § 36-5-116 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 5 - Commercial Code - Letters Of Credit|Section 36-5-116. Choice of law and forum.

 (a) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in Section 36-5-104 or by a provision in the person's letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.  (b) Unless subsection (a) applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person's undertaking. If more than one address is indicated, the person is considered to be located at the address from which the person's undertaking was issued. For the purpose of jurisdiction, choice of law, and recognition of interbranch letters of credit, but not enforcement of a judgment, all branches of a bank are considered separate juridical entities and a bank is considered to be located at the place where its relevant branch is considered to be located under this subsection.  (c) Except as otherwise provided in this subsection, the liability of an issuer, nominated person, or adviser is governed by any rules of custom or practice, such as the Uniform Customs and Practice for Documentary Credits, to which the letter of credit, confirmation, or other undertaking is expressly made subject. If (i) this chapter would govern the liability of an issuer, nominated person, or adviser under subsection (a) or (b), (ii) the relevant undertaking incorporates rules of custom or practice, and (iii) there is conflict between this chapter and those rules as applied to that undertaking, those rules govern except to the extent of any conflict with the nonvariable provisions specified in Section 36-5-103(c).  (d) If there is conflict between this chapter and Chapters 3, 4, 4A, or 9, this chapter governs.  (e) The forum for settling disputes arising out of an undertaking within this chapter may be chosen in the manner and with the binding effect that governing law may be chosen in accordance with subsection (a).  HISTORY: 1962 Code Section 10.5-116; 1966 (54) 2716; 1988 Act No. 494, Section 4; 2001 Act No. 67, Section 13; 2001 Act No. 67, Section 15.
SC Code § 36-5-117 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 5 - Commercial Code - Letters Of Credit|Section 36-5-117. Subrogation of issuer, applicant, and nominated person.

 (a) An issuer that honors a beneficiary's presentation is subrogated to the rights of the beneficiary to the same extent as if the issuer were a secondary obligor of the underlying obligation owed to the beneficiary and of the applicant to the same extent as if the issuer were the secondary obligor of the underlying obligation owed to the applicant.  (b) An applicant that reimburses an issuer is subrogated to the rights of the issuer against any beneficiary, presenter, or nominated person to the same extent as if the applicant were the secondary obligor of the obligations owed to the issuer and has the rights of subrogation of the issuer to the rights of the beneficiary stated in subsection (a).  (c) A nominated person who pays or gives value against a draft or demand presented under a letter of credit is subrogated to the rights of:  (1) the issuer against the applicant to the same extent as if the nominated person were a secondary obligor of the obligation owed to the issuer by the applicant;  (2) the beneficiary to the same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the beneficiary; and  (3) the applicant to same extent as if the nominated person were a secondary obligor of the underlying obligation owed to the applicant.  (d) Notwithstanding any agreement or term to the contrary, the rights of subrogation stated in subsections (a) and (b) do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (c) do not arise until the nominated person pays or otherwise gives value. Until then, the issuer, nominated person, and the applicant do not derive under this section present or prospective rights forming the basis of a claim, defense, or excuse.  HISTORY: 1962 Code Section 10.5-117; 1966 (54) 2716; 2001 Act No. 67, Section 15.
SC Code § 36-5-118 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 5 - Commercial Code - Letters Of Credit|Section 36-5-118. Security interest of issuer or nominated person.

 (a) An issuer or nominated person has a security interest in a document presented under a letter of credit and any identifiable proceeds of the collateral to the extent that the issuer or nominated person honors or gives value for the presentation.  (b) Subject to subsection (c), as long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (a), the security interest continues and is subject to Chapter 9, but:  (1) a security agreement is not necessary to make the security interest enforceable under Section 36-9-203(b)(3);  (2) if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and  (3) if the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, so long as the debtor does not have possession of the document, the security interest is perfected and has priority over a conflicting security interest in the document.  HISTORY: 2001 Act No. 67, Section 15.
SC Code § 36-5-119 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 5 - Commercial Code - Letters Of Credit|Section 36-5-119. Transition.

 (a) This chapter takes effect July 1, 2001.  (b) This chapter applies to a letter of credit that is issued on or after the effective date of this chapter. This chapter 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 chapter.  (c) A transaction arising out of or associated with a letter of credit that was issued before the effective date of this chapter and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this chapter as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.  HISTORY: 2001 Act No. 67, Section 15.
SC Code § 36-7-101 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-101. Short title.

 This chapter must be known and may be cited as Uniform Commercial Code-Documents of Title.  HISTORY: 1962 Code Section 10.7-101; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-101.  Changes: Revised for style only.  This Article is a revision of the 1962 Official Text with Comments as amended since 1962. The 1962 Official Text was a consolidation and revision of the Uniform Warehouse Receipts Act and the Uniform Bills of Lading Act, and embraced the provisions of the Uniform Sales Act relating to negotiation of documents of title.  This Article does not contain the substantive criminal provisions found in the Uniform Warehouse Receipts and Bills of Lading Acts. These criminal provisions are inappropriate to a Commercial Code, and for the most part duplicate portions of the ordinary criminal law relating to frauds. This revision deletes the former Section 7-105 that provided that courts could apply a rule from Parts 2 and 3 by analogy to a situation not explicitly covered in the provisions on warehouse receipts or bills of lading when it was appropriate. This is, of course, an unexceptional proposition and need not be stated explicitly in the statute. Thus former Section 7-105 has been deleted. Whether applying a rule by analogy to a situation is appropriate depends upon the facts of each case.  The Article does not attempt to define the tort liability of bailees, except to hold certain classes of bailees to a minimum standard of reasonable care. For important classes of bailees, liabilities in case of loss, damages or destruction, as well as other legal questions associated with particular documents of title, are governed by federal statutes, international treaties, and in some cases regulatory state laws, which supersede the provisions of this Article in case of inconsistency. See Section 7-103.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-201 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-201. Who may issue a warehouse receipt; storage under government bond.

 (a) A warehouse receipt may be issued by any warehouse.  (b) If goods, including distilled spirits and agricultural commodities, are stored under a statute requiring a bond against withdrawal or a license for the issuance of receipts in the nature of warehouse receipts, a receipt issued for the goods is deemed to be a warehouse receipt even though issued by a person that is the owner of the goods and is not a warehouse.  HISTORY: 1962 Code Section 10.7-201; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-201.  Changes: Update for style only.  Purposes:  It is not intended by re-enactment of subsection (a) to repeal any provisions of special licensing or other statutes regulating who may become a warehouse. Limitations on the transfer of the receipts and criminal sanctions for violation of such limitations are not impaired. Section 7-103. Compare Section 7-401(4) on the liability of the issuer in such cases. Subsection (b) covers receipts issued by the owner for whiskey or other goods stored in bonded warehouses under such statutes as 26 U.S.C. Chapter 51.  Cross References: Sections 7-103, 7-401.  Definitional Cross References:  "Warehouse receipt". Section 1-201.  "Warehouse". Section 7-102.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-203 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-203. Liability for nonreceipt or misdescription.

 A party to or purchaser for value in good faith of a document of title other than a bill of lading that relies upon the description of the goods in the document may recover from the issuer damages caused by the nonreceipt or misdescription of the goods, except to the extent that:  (1) the document conspicuously indicates that the issuer does not know whether all or part of the goods in fact were received or conform to the description, such as the case in which the description is in terms of marks or labels or kind, quantity or condition, or the receipt or description is qualified by "contents, condition and quality unknown," "said to contain" or words of similar import, if the indication is true; or  (2) the party or purchaser otherwise has notice of the nonreceipt or misdescription.  HISTORY: 1962 Code Section 10.7-203; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-203.  Changes: Changes to this section are for style only.  Purpose:  This section is a simplified restatement of existing law as to the method by which a bailee may avoid responsibility for the accuracy of descriptions which are made by or in reliance upon information furnished by the depositor. The issuer is liable on documents issued by an agent, contrary to instructions of its principal, without receiving goods. No disclaimer of the latter liability is permitted.  Cross Reference: Section 7-301.  Definitional Cross References:  "Conspicuous". Section 1-201.  "Document of title". Section 1-201.  "Goods". Section 7-102.  "Good Faith". Section 1-201 [7-102].  "Issuer". Section 7-102.  "Notice". Section 1-202.  "Party". Section 1-201.  "Purchaser". Section 1-201.  "Receipt of goods". Section 2-103.  "Value". Section 1-204.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-205 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-205. Title under warehouse receipt defeated in certain cases.

 A buyer in the ordinary course of business of fungible goods sold and delivered by a warehouse that also is in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.  HISTORY: 1962 Code Section 10.7-205; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-205.  Changes: Changes for style only.  Purposes:  1. The typical case covered by this section is that of the warehouse-dealer in grain, and the substantive question at issue is whether in case the warehouse becomes insolvent the receipt holders shall be able to trace and recover grain shipped to farmers and other purchasers from the elevator. This was possible under the old acts, although courts were eager to find estoppels to prevent it. The practical difficulty of tracing fungible grain means that the preservation of this theoretical right adds little to the commercial acceptability of negotiable grain receipts, which really circulate on the credit of the warehouse. Moreover, on default of the warehouse, the receipt holders at least share in what grain remains, whereas retaking the grain from a good faith cash purchaser reduces the purchaser completely to the status of general creditor in a situation where there was very little the purchaser could do to guard against the loss. Compare 15 U.S.C. Section 714p enacted in 1955.  2. This provision applies to both negotiable and nonnegotiable warehouse receipts. The concept of due negotiation is provided for in 7-501. The definition of "buyer in ordinary course" is in Article 1 and provides, among other things, that a buyer must either have possession or a right to obtain the goods under Article 2 in order to be a buyer in ordinary course. This section requires actual delivery of the fungible goods to the buyer in ordinary course. Delivery requires voluntary transfer of possession of the fungible goods to the buyer. See amended Section 2-103. This section is not satisfied by the delivery of the document of title to the buyer in ordinary course.  Cross References: Sections 2-403 and 9-320.  Definitional Cross References:  "Buyer in ordinary course of business". Section 1-201.  "Delivery". Section 1-201.  "Duly negotiate". Section 7-501.  "Fungible" goods. Section 1-201.  "Goods". Section 7-102.  "Value". Section 1-204.  "Warehouse receipt". Section 1-201.  "Warehouse". Section 7-102.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-207 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-207. Goods must be kept separate; fungible goods.

 (a) Unless the warehouse receipt otherwise provides, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled.  (b) If different lots of fungible goods are commingled, the goods are owned in common by the persons entitled to them and the warehouse is severally liable to each owner for the share of that owner. If, because of overissue, a mass of fungible goods is insufficient to meet all the receipts which the warehouse has issued against it, the persons entitled include all holders to which overissued receipts have been duly negotiated.  HISTORY: 1962 Code Section 10.7-207; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-207.  Changes: Changes for style only.  Purposes:  No change of substance is made from former Section 7-207. Holders to whom overissued receipts have been duly negotiated shall share in a mass of fungible goods. Where individual ownership interests are merged into claims on a common fund, as is necessarily the case with fungible goods, there is no policy reason for discriminating between successive purchasers of similar claims.  Definitional Cross References:  "Delivery". Section 1-201.  "Duly negotiate". Section 7-501.  "Fungible goods". Section 1-201.  "Goods". Section 7-102.  "Holder". Section 1-201.  "Person". Section 1-201.  "Warehouse receipt". Section 1-201.  "Warehouse". Section 7-102.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-208 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-208. Altered warehouse receipts.

 If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.  HISTORY: 1962 Code Section 10.7-208; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-208.  Changes: To accommodate electronic documents of title.  Purpose:  1. The execution of tangible warehouse receipts in blank is a dangerous practice. As between the issuer and an innocent purchaser the risks should clearly fall on the former. The purchaser must have purchased the tangible negotiable warehouse receipt in good faith and for value to be protected under the rule of the first sentence which is a limited exception to the general rule in the second sentence. Electronic document of title systems should have protection against unauthorized access and unauthorized changes. See 7-106. Thus the protection for good faith purchasers found in the first sentence is not necessary in the context of electronic documents.  2. Under the second sentence of this section, an unauthorized alteration whether made with or without fraudulent intent does not relieve the issuer of its liability on the warehouse receipt as originally executed. The unauthorized alteration itself is of course ineffective against the warehouse. The rule stated in the second sentence applies to both tangible and electronic warehouse receipts.  Definitional Cross References:  "Good faith". Section 1-201 [7-102].  "Issuer". Section 7-102.  "Notice". Section 1-202.  "Purchaser". Section 1-201.  "Value". Section 1-204.  "Warehouse receipt". Section 1-201.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."
SC Code § 36-7-306 (2021)
2021 South Carolina Code of Laws|Title 36 - Commercial Code|Chapter 7 - Commercial Code - Warehouse Receipts, Bills Of Lading And Other Documents Of Title|Section 36-7-306. Altered bills of lading.

 An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.  HISTORY: 1962 Code Section 10.7-306; 1966 (54) 2716; 2014 Act No. 213 (S.343), Section 2, eff October 1, 2014.  OFFICIAL COMMENT  Prior Uniform Statutory Provision: Former Section 7-306.  Changes: None  Purposes:  An unauthorized alteration or filling in of a blank, whether made with or without fraudulent intent, does not relieve the issuer of its liability on the document as originally executed. This section applies to both tangible and electronic bills of lading, applying the same rule to both types of bills of lading. The control concept of Section 7-106 requires that any changes to the electronic document of title be readily identifiable as authorized or unauthorized. Section 7-306 should be compared to Section 7-208 where a different rule applies to the unauthorized filling in of a blank for tangible warehouse receipts.  Cross Reference: Sections 7-106 and 7-208.  Definitional Cross References:  "Bill of lading". Section 1-201.  "Issuer". Section 7-102.  Editor's Note  2014 Act No. 213, Section 51, provides as follows:  "SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."