reglab/housing_qa huggingface dataset:
NY UCC § 5-104 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-104 - Formal Requirements.

Section 5--104. 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:  (a) by a signature, or  (b) in  accordance  with  the agreement of the parties or the standard practice referred to in subsection (e) of section 5--108.
NY UCC § 5-105 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-105 - Consideration.

Section 5--105. Consideration.Consideration  is  not required to issue, amend, transfer, or cancel a   letter of credit, advice, or confirmation.
NY UCC § 5-106 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-106 - Issuance, Amendment, Cancellation, and Duration.

Section 5--106. Issuance, amendment, cancellation, and duration.  (a) 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.  (b) 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.  (c) 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.  (d) A  letter  of credit that states that it is perpetual expires five years after its stated date of issuance, or if none is stated, after the date on which it is issued.
NY UCC § 5-107 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-107 - Confirmer, Nominated Person, and Advisor.

Section 5--107. Confirmer, nominated person, and advisor.  (a) 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.  (b) A nominated person who is not a  confirmer  is  not  obligated  to honor or otherwise give value for a presentation.  (c) 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.  (d) 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  (c)  of  this  section.  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.
NY UCC § 5-109 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-109 - Fraud and Forgery.

Section 5--109. Fraud and forgery.  (a) 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:       (1) 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 which 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       (2) The  issuer,  acting in good faith, may honor or dishonor the            presentation in any other case.  (b) 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:       (1) The relief is not prohibited under the law applicable  to  an            accepted draft or deferred obligation incurred by the issuer;       (2) 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;       (3) All of the conditions to entitle a person to the relief under            the law of this state have been met; and       (4) 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  paragraph  (1)  of            subsection (a) of this section.
NY UCC § 5-110 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-110 - Warranties.

Section 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 subsection (a) of section 5--109; 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) of this section are in addition to warranties arising under articles 3,  4,  7  and  8  because  of  the presentation or transfer of documents covered by any of those articles.
NY UCC § 5-111 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-111 - Remedies.

Section 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 article or an issuer breaches an obligation not covered in subsection (a) or (b) of this section, 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) of this section.  (d) An  issuer, nominated person, or adviser who is found liable under subsection (a), (b) or (c) of this section shall  pay  interest  on  the amount  owed  thereunder  from  the  date  of wrongful dishonor or other appropriate date.  (e) 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.
NY UCC § 5-112 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-112 - Transfer of Letter of Credit.

Section 5--112. Transfer of letter of credit.  (a) Except as otherwise provided in section 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 subsection (e)            of section  5--108  or  is  otherwise  reasonable  under  the            circumstances.
NY UCC § 5-113 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-113 - Transfer by Operation of Law.

Section 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) of this section,  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  subsection (e)  of section 5--108 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)  of  this  section  has  the  consequences specified  in  subsection  (i)  of  section 5--108 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--109.  (e) An issuer  whose  rights  of  reimbursement  are  not  covered  by subsection  (d)  of  this  section  or substantially similar law and any confirmer or nominated person may decline to  recognize  a  presentation under subsection (b) of this section.  (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.
NY UCC § 5-114 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-114 - Assignment of Proceeds.

Section 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  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.
NY UCC § 5-115 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-115 - Statute of Limitations.

Section 5--115. Statute of limitations.An  action to enforce a right or obligation arising under this article   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.
NY UCC § 5-116 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-116 - Choice of Law and Forum.

Section 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 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) of this section 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 judgement, 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 (1) this  article  would govern  the  liability  of an issuer, nominated person, or adviser under subsection (a) or (b) of  this  section,  (2) the  relevant  undertaking incorporates  rules  of  custom  or  practice, and (3) there is conflict between this article and those rules as  applied  to  that  undertaking, those  rules  govern  except  to  the  extent  of  any conflict with the nonvariable provisions specified in subsection (c) of section 5--103.  (d) If there is conflict between this article and article 3, 4, 4-A or 9, this article governs.  (e) The forum for settling disputes  arising  out  of  an  undertaking within  this  article  may  be chosen in the manner and with the binding effect that governing law may be chosen in  accordance  with  subsection (a) of this section.
NY UCC § 5-117 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-117 - Subrogation of Issuer, Applicant, and Nominated Person.

Section 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) of this section.  (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 the 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) of this section do not arise until the issuer honors the letter of credit or otherwise pays and the rights in subsection (c) of this section  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.
NY UCC § 5-118 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-118 - Security Interest of Issuer or Nominated Person.

Section 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 (a), 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 Article 9, but:       (1) a security agreement is not necessary to  make  the  security            interest enforceable under Section 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.
NY UCC § 5-119 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-119 - Applicability.

Section 5--119. Applicability.This  article applies to a letter of credit that is issued on or after   the effective date of this article. This article 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 article.
NY UCC § 5-120 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 5 - Letters of Credit 5-120 - Savings Clause.

Section 5--120. Savings clause.A  transaction  arising  out  of or associated with a letter of credit   that was issued before the  effective  date  of  this  article  and  the   rights,  obligations,  and  interests  flowing from that transaction are   governed by any statute or other law amended or repealed by the  chapter   of  the  laws which added this article as if repeal or amendment had not   occurred and may be  terminated,  completed,  consummated,  or  enforced   under that statute or other law.
NY UCC § 7-101 (2021)
2021 New York Laws UCC - Uniform Commercial Code Article 7 - Documents of Title Part 1 - General 7-101 - Short Title.

Section 7--101. Short title.This  article  may  be  cited  as Uniform Commercial Code-Documents of   Title.