reglab/housing_qa huggingface dataset:
11 ME Rev Stat § 5-108 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-108. "Notation credit"; exhaustion of credit (REPEALED)

 §5-108. "Notation credit"; exhaustion of credit (REPEALED)SECTION HISTORY PL 1965, c. 306, §15 (AMD). PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-109 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-109. Issuer's obligations to its customer (REPEALED)

 §5-109. Issuer's obligations to its customer (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-110 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-110. Availability of credit in portions; presenter's reservation of lien or claim (REPEALED)

 §5-110. Availability of credit in portions; presenter's reservation of lien or claim (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-111 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-111. Warranties on transfer and presentment (REPEALED)

 §5-111. Warranties on transfer and presentment (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-112 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-112. Time allowed for honor or rejection; withholding honor or rejection by consent; "presenter" (REPEALED)

 §5-112. Time allowed for honor or rejection; withholding honor or rejection by consent; "presenter" (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-113 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-113. Indemnities (REPEALED)

 §5-113. Indemnities (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-114 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-114. Issuer's duty and privilege to honor; right to reimbursement (REPEALED)

 §5-114. Issuer's duty and privilege to honor; right to reimbursement (REPEALED)SECTION HISTORY PL 1967, c. 213, §1 (AMD). PL 1987, c. 625, §2 (AMD). PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-115 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-115. Remedy for improper dishonor anticipatory repudiation (REPEALED)

 §5-115. Remedy for improper dishonor anticipatory repudiation (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-116 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-116. Transfer and assignment (REPEALED)

 §5-116. Transfer and assignment (REPEALED)SECTION HISTORY PL 1977, c. 526, §5 (AMD). PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-117 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5: LETTERS OF CREDIT|11 §5-117. Insolvency of bank holding funds for documentary credit (REPEALED)

 §5-117. Insolvency of bank holding funds for documentary credit (REPEALED)SECTION HISTORY PL 1997, c. 429, §A1 (RP). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1101 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1101. Short title

 §5-1101. Short title This Article may be known and cited as the "Uniform Commercial Code -- Letters of Credit."   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1103 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1103. Scope

 §5-1103. Scope (1).  This Article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  The statement of a rule in this Article does not by itself require, imply or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this Article.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (3).  With the exception of this subsection, subsections (1) and (4), section 5-1102, subsection (1), paragraphs (i) and (j), section 5-1106, subsection (4), and section 5-1114, subsection (4), and except to the extent prohibited in section 1-1302 and section 5-1117, subsection (4), the effect of this Article may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this Article.   [PL 2009, c. 325, Pt. B, §22 (AMD); PL 2009, c. 325, Pt. B, §27 (AFF).] (4).  Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF). PL 2009, c. 325, Pt. B, §22 (AMD). PL 2009, c. 325, Pt. B, §27 (AFF).
11 ME Rev Stat § 5-1104 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1104. Formal requirements

 §5-1104. Formal requirements A letter of credit, confirmation, advice, transfer, amendment or cancellation may be issued in any form that is a record and is authenticated by a signature or in accordance with the agreement of the parties or the standard practice referred to in section 5-1108, subsection (5).   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1105 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1105. Consideration

 §5-1105. Consideration Consideration is not required to issue, amend, transfer or cancel a letter of credit, advice or confirmation.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).]SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1106 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1106. Issuance, amendment, cancellation and duration

 §5-1106. Issuance, amendment, cancellation and duration (1).  A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (3).  If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, after the date on which it is issued.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (4).  A letter of credit that states that it is perpetual expires 5 years after its stated date of issuance or, if none is stated, after the date on which it is issued.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1107 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1107. Confirmer, nominated person and adviser

 §5-1107. Confirmer, nominated person and adviser (1).  A confirmer is directly obligated on a letter of credit and has the rights and obligations of an issuer to the extent of its confirmation. The confirmer also has rights against and obligations to the issuer as if the issuer were an applicant and the confirmer had issued the letter of credit at the request and for the account of the issuer.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (3).  A person requested to advise may decline to act as an adviser. An adviser that is not a confirmer is not obligated to honor or give value for a presentation. An adviser undertakes to the issuer and to the beneficiary accurately to advise the terms of the letter of credit, confirmation, amendment or advice received by that person and undertakes to the beneficiary to check the apparent authenticity of the request to advise. Even if the advice is inaccurate, the letter of credit, confirmation or amendment is enforceable as issued.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (4).  A person who notifies a transferee beneficiary of the terms of a letter of credit, confirmation, amendment or advice has the rights and obligations of an adviser under subsection (3). The terms in the notice to the transferee beneficiary may differ from the terms in any notice to the transferor beneficiary to the extent permitted by the letter of credit, confirmation, amendment or advice received by the person who so notifies.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1109 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1109. Fraud and forgery

 §5-1109. Fraud and forgery (1).  If a presentation is made that appears on its face strictly to comply with the terms and conditions of the letter of credit, but a required document is forged or materially fraudulent, or honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant:   (a). The issuer shall honor the presentation, if honor is demanded by:   (i) A nominated person who has given value in good faith and without notice of forgery or material fraud;   (ii) A confirmer who has honored its confirmation in good faith;   (iii) A holder in due course of a draft drawn under the letter of credit that was taken after acceptance by the issuer or nominated person; or   (iv) An assignee of the issuer's or nominated person's deferred obligation that was taken for value and without notice of forgery or material fraud after the obligation was incurred by the issuer or nominated person; and   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).](b). The issuer, acting in good faith, may honor or dishonor the presentation in any other case.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).][PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  If an applicant claims that a required document is forged or materially fraudulent or that honor of the presentation would facilitate a material fraud by the beneficiary on the issuer or applicant, a court of competent jurisdiction may temporarily or permanently enjoin the issuer from honoring a presentation or grant similar relief against the issuer or other persons only if the court finds that:   (a). The relief is not prohibited under the law applicable to an accepted draft or deferred obligation incurred by the issuer;   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).](b). A beneficiary, issuer or nominated person who may be adversely affected is adequately protected against loss that it may suffer because the relief is granted;   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).](c). All of the conditions to entitle a person to the relief under the law of this State have been met; and   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).](d). on the basis of the information submitted to the court, the applicant is more likely than not to succeed under its claim of forgery or material fraud and the person demanding honor does not qualify for protection under subsection (1), paragraph (a).   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).][PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1110 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1110. Warranties

 §5-1110. Warranties (1).  If its presentation is honored, the beneficiary warrants to:   (a). The issuer, any other person to whom presentation is made and the applicant that there is no fraud or forgery of the kind described in section 5-1109, subsection (1); and   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).](b). The applicant that the drawing does not violate any agreement between the applicant and beneficiary or any other agreement intended by them to be augmented by the letter of credit.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).][PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  The warranties in subsection (1) are in addition to warranties arising under Articles 3-A, 4, 7-A and 8-A because of the presentation or transfer of documents covered by any of those Articles.   [PL 2009, c. 324, Pt. B, §25 (AMD); PL 2009, c. 324, Pt. B, §48 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF). PL 2009, c. 324, Pt. B, §25 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF).
11 ME Rev Stat § 5-1111 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1111. Remedies

 §5-1111. Remedies (1).  If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation, the claimant need not present any document.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (3).  If an adviser or nominated person other than a confirmer breaches an obligation under this Article or an issuer breaches an obligation not covered in subsection (1) or (2), a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (1) and (2).   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (4).  An issuer, nominated person or adviser who is found liable under subsection (1), (2) or (3) shall pay interest on the amount owed from the date of wrongful dishonor or other appropriate date.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (5).  Reasonable attorney's fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under this Article.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (6).  Damages that would otherwise be payable by a party for breach of an obligation under this Article may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1112 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1112. Transfer of letter of credit

 §5-1112. Transfer of letter of credit (1).  Except as otherwise provided in section 5-1113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:   (a). the transfer would violate applicable law; or   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).](b). the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer that is within the standard practice referred to in section 5-1108, subsection (5) or is otherwise reasonable under the circumstances.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).][PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1113 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1113. Transfer by operation of law

 §5-1113. Transfer by operation of law (1).  A successor of a beneficiary may consent to amendments, sign and present documents and receive payment or other items of value in the name of the beneficiary without disclosing its status as a successor.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  A successor of a beneficiary may consent to amendments, sign and present documents and receive payment or other items of value in its own name as the disclosed successor of the beneficiary. Except as otherwise provided in subsection (5), an issuer shall recognize a disclosed successor of a beneficiary as beneficiary in full substitution for its predecessor upon compliance with the requirements for recognition by the issuer of a transfer of drawing rights by operation of law under the standard practice referred to in section 5-1108, subsection (5) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (3).  An issuer is not obliged to determine whether a purported successor is a successor of a beneficiary or whether the signature of a purported successor is genuine or authorized.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (4).  Honor of a purported successor's apparently complying presentation under subsection (1) or (2) has the consequences specified in section 5-1108, subsection (9) even if the purported successor is not the successor of a beneficiary. Documents signed in the name of the beneficiary or of a disclosed successor by a person who is neither the beneficiary nor the successor of the beneficiary are forged documents for the purposes of section 5-1109.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (5).  An issuer whose rights of reimbursement are not covered by subsection (4) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (2).   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (6).  A beneficiary whose name is changed after the issuance of a letter of credit has the same rights and obligations as a successor of a beneficiary under this section.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).
11 ME Rev Stat § 5-1114 (2021)
2021 Maine Revised Statutes|TITLE 11: UNIFORM COMMERCIAL CODE|Article 5-A: LETTERS OF CREDIT|11 §5-1114. Assignment of proceeds

 §5-1114. Assignment of proceeds (1).  In this section, "proceeds of a letter of credit" means the cash, check, accepted draft or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (2).  A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (3).  An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (4).  An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (5).  Rights of a transferee beneficiary or nominated person are independent of the beneficiary's assignment of the proceeds of a letter of credit and are superior to the assignee's right to the proceeds.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] (6).  Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary or nominated person nor the issuer's or nominated person's payment of proceeds to an assignee or a 3rd person affect the rights between the assignee and any person other than the issuer, transferee beneficiary or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary's rights to proceeds is governed by Article 9 or other law. Against persons other than the issuer, transferee beneficiary or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary's right to proceeds and its perfection are governed by Article 9 or other law.   [PL 1997, c. 429, Pt. A, §2 (NEW); PL 1997, c. 429, Pt. A, §4 (AFF).] SECTION HISTORY PL 1997, c. 429, §A2 (NEW). PL 1997, c. 429, §A4 (AFF).