reglab/housing_qa huggingface dataset:
SD Codified L § 57A-5-110 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-110 - Warranties.

57A-5-110. Warranties.(a) If its presentation is honored, the beneficiary warrants:(1)To 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 §57A-5-109(a); and(2)To 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.(b) The warranties in subsection (a) are in addition to warranties arising under chapters 57A-3, 57A-4, 57A-7, and 57A-8 because of the presentation or transfer of documents covered by any of those chapters. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-111 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-111 - Remedies.

57A-5-111. Remedies.(a) 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.(b) 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.(c) If an adviser or nominated person other than a confirmer breaches an obligation under this chapter or an issuer breaches an obligation not covered in subsection (a) or (b), 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 (a) and (b).(d) An issuer, nominated person, or adviser who is found liable under subsection (a), (b), or (c) shall pay interest on the amount owed thereunder from the date of wrongful dishonor or other appropriate date.(e) 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 chapter.(f) Damages that would otherwise be payable by a party for breach of an obligation under this chapter 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. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-112 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-112 - Transfer of letter of credit.

57A-5-112. Transfer of letter of credit.(a) Except as otherwise provided in §57A-5-113, 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.(b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:(1)The transfer would violate applicable law; or(2)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 which is within the standard practice referred to in §57A-5-108(e) or is otherwise reasonable under the circumstances. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-113 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-113 - Transfer by operation of law.

57A-5-113. Transfer by operation of law.(a) 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.(b) 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 (e), 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 §57A-5-108(e) or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.(c) 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.(d) Honor of a purported successor's apparently complying presentation under subsection (a) or (b) has the consequences specified in §57A-5-108(i) 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 §57A-5-109.(e) An issuer whose rights of reimbursement are not covered by subsection (d) or substantially similar law and any confirmer or nominated person may decline to recognize a presentation under subsection (b).(f) 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. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-114 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-114 - Assignment of proceeds.

57A-5-114. Assignment of proceeds.(a) 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.(b) 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.(c) An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.(d) 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.(e) 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.(f) 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 third 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 chapter 57A-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 chapter 57A-9 or other law. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-115 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-115 - Statute of limitations.

57A-5-115. Statute of limitations.An action to enforce a right or obligation arising under this chapter must be commenced within one year after the expiration date of the relevant letter of credit or one year after the cause of action accrues, whichever occurs later. A cause of action accrues when the breach occurs, regardless of the aggrieved party's lack of knowledge of the breach. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-116 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-116 - Choice of law and forum.

57A-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 §57A-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 §57A-5-103(c).(d) If there is conflict between this chapter and chapter 57A-3, 57A-4, 57A-4A, or 57A-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). Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-117 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-117 - Subrogation of issuer, applicant, and nominated person.

57A-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. Source: SL 1998, ch 283, §1.
SD Codified L § 57A-5-118 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 05 - Letters Of Credit|Section 57A-5-118 - Issuer's security interest in document presented under letter of credit.

57A-5-118. Issuer's security interest in document presented under letter of credit.(a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.(b) So 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 57A-9, but:(1)A security agreement is not necessary to make the security interest enforceable under §57A-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;(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, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document. Source: SL 2000, ch 231, §12.
SD Codified L § 57A-7-101 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 07 - Documents Of Title|Section 57A-7-101 - Short title.

57A-7-101. Short title.This chapter may be cited as Uniform Commercial Code-Documents of Title. Source: SL 2009, ch 254, §7-101.
SD Codified L § 57A-7-102 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 07 - Documents Of Title|Section 57A-7-102 - Definitions and index of definitions.

57A-7-102. Definitions and index of definitions.(a) In this chapter, unless the context otherwise requires:(1)"Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them.(2)"Carrier" means a person that issues a bill of lading.(3)"Consignee" means a person named in a bill of lading to which or to whose order the bill promises delivery.(4)"Consignor" means a person named in a bill of lading as the person from which the goods have been received for shipment.(5)"Delivery order" means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading.(6)"Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.(7)"Goods" means all things that are treated as movable for the purposes of a contract for storage or transportation.(8)"Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer's instructions.(9)"Person entitled under the document" means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.(10)"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.(11)"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 sound, symbol, or process.(12)"Shipper" means a person that enters into a contract of transportation with a carrier.(13)"Warehouse" means a person engaged in the business of storing goods for hire.(b) Definitions in other chapters applying to this chapter and the sections in which they appear are:(1)"Contract for sale", §57A-2-106.(2)"Lessee in ordinary course of business", §57A-2A-103.(3)"Receipt" of goods, §57A-2-103.(c) In addition, chapter 57A-1 contains general definitions and principles of construction and interpretation applicable throughout this chapter. Source: SL 2009, ch 254, §7-102.
SD Codified L § 57A-7-103 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 07 - Documents Of Title|Section 57A-7-103 - Relation of chapter to treaty or statute.

57A-7-103.Relation of chapter to treaty or statute.(a) This chapter is subject to any treaty or statute of the United States or a regulatory statute of this state to the extent the treaty, statute, or regulatory statute is applicable.(b) This chapter does not repeal or modify any law prescribing the form or contents of a document of title or the services or facilities to be afforded by a bailee, or otherwise regulating a bailee's businesses in respects not specifically treated in this chapter. However, violation of these laws does not affect the status of a document of title that otherwise complies with the definition of a document of title.(c) This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act (15 U.S.C. Section 7001, et. seq.) but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (15 U.S. C. Section 7003(b)).(d) To the extent there is a conflict between the Uniform Electronic Transactions Act and this chapter, this chapter governs. Source: SL 2009, ch 254, §7-103.
SD Codified L § 57A-7-104 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 07 - Documents Of Title|Section 57A-7-104 - Negotiable and nonnegotiable document of title.

57A-7-104. Negotiable and nonnegotiable document of title.(a) A document of title is negotiable if by its terms the goods are to be delivered to bearer or to the order of a named person.(b) A document of title other than one described in subsection (a) is nonnegotiable. A bill of lading that states that the goods are consigned to a named person is not made negotiable by a provision that the goods are to be delivered only against an order in a record signed by the same or another named person.(c) A document of title is nonnegotiable if, at the time it is issued, the document has a conspicuous legend, however expressed, that it is nonnegotiable. Source: SL 2009, ch 254, §7-104.
SD Codified L § 57A-7-105 (2021)
2021 South Dakota Codified Laws|Title 57A - Uniform Commercial Code|Chapter 07 - Documents Of Title|Section 57A-7-105 - Reissuance in alternative medium.

57A-7-105. Reissuance in alternative medium.(a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:(1)The person entitled under the electronic document surrenders control of the document to the issuer; and(2)The tangible document when issued contains a statement that it is issued in substitution for the electronic document.(b) Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a):(1)The electronic document ceases to have any effect or validity; and(2)The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.(c) Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:(1)The person entitled under the tangible document surrenders possession of the document to the issuer; and(2)The electronic document when issued contains a statement that it is issued in substitution for the tangible document.(d) Upon issuance of the electronic document of title in substitution for a tangible document of title in accordance with subsection (c):(1)The tangible document ceases to have any effect or validity; and(2)The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer. Source: SL 2009, ch 254, §7-105.