reglab/housing_qa huggingface dataset:
MT Code § 30-4A-506 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 4A. Uniform Commercial Code Funds Transfers|Part 5. Miscellaneous Provisions|30-4A-506. Rate of interest

  30-4A-506. Rate of interest. (1) If, under this chapter, a receiving bank is obliged to pay interest with respect to a payment order issued to the bank, the amount payable may be determined:   (a) by agreement of the sender and receiving bank; or   (b) by a funds-transfer system rule if the payment order is transmitted through a funds-transfer system.   (2) If the amount of interest is not determined by an agreement or rule as stated in subsection (1), the amount is calculated by multiplying the applicable federal funds rate by the amount on which interest is payable and then multiplying the product by the number of days for which interest is payable. The applicable federal funds rate is the average of the federal funds rates published by the federal reserve bank of New York for each of the days for which interest is payable divided by 360. The federal funds rate for any day on which a published rate is not available is the same as the published rate for the next preceding day for which there is a published rate. If a receiving bank that accepted a payment order is required to refund payment to the sender of the order because the funds transfer was not completed, but the failure to complete was not due to any fault by the bank, the interest payable is reduced by a percentage equal to the reserve requirement on deposits of the receiving bank.   History: En. Sec. 225, Ch. 410, L. 1991.
MT Code § 30-4A-507 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 4A. Uniform Commercial Code Funds Transfers|Part 5. Miscellaneous Provisions|30-4A-507. Choice of law

  30-4A-507. Choice of law. (1) The following rules apply unless the affected parties otherwise agree or subsection (3) applies:   (a) The rights and obligations between the sender of a payment order and the receiving bank are governed by the law of the jurisdiction in which the receiving bank is located.   (b) The rights and obligations between the beneficiary's bank and the beneficiary are governed by the law of the jurisdiction in which the beneficiary's bank is located.   (c) The issue of when payment is made pursuant to a funds transfer by the originator to the beneficiary is governed by the law of the jurisdiction in which the beneficiary's bank is located.   (2) If the parties described in subsection (1) have made an agreement selecting the law of a particular jurisdiction to govern rights and obligations between each other, the law of that jurisdiction governs those rights and obligations, whether or not the payment order or the funds transfer bears a reasonable relation to that jurisdiction.   (3) (a) A funds-transfer system rule may select the law of a particular jurisdiction to govern:   (i) the rights and obligations between participating banks with respect to payment orders transmitted or processed through the system; or   (ii) the rights and obligations of some or all parties to a funds transfer any part of which is carried out by means of the system.   (b) A choice of law made pursuant to subsection (3)(a)(i) is binding on participating banks. A choice of law made pursuant to subsection (3)(a)(ii) is binding on the originator, other sender, or a receiving bank having notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system when the originator, other sender, or receiving bank issued or accepted a payment order. The beneficiary of a funds transfer is bound by the choice of law if, when the funds transfer is initiated, the beneficiary has notice that the funds-transfer system might be used in the funds transfer and of the choice of law by the system. The law of a jurisdiction selected pursuant to this subsection may govern, whether or not that law bears a reasonable relation to the matter in issue.   (4) In the event of inconsistency between an agreement under subsection (2) and a choice-of-law rule under subsection (3), the agreement under subsection (2) prevails.   (5) If a funds transfer is made by use of more than one funds-transfer system and there is inconsistency between choice-of-law rules of the systems, the matter in issue is governed by the law of the selected jurisdiction that has the most significant relationship to the matter in issue.   History: En. Sec. 226, Ch. 410, L. 1991.
MT Code § 30-5-101 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-101. Short title

  30-5-101. Short title. This chapter shall be known and may be cited as Uniform Commercial Code--Letters of Credit.   History: En. Sec. 5-101, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-101.
MT Code § 30-5-102 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-102. Repealed

  30-5-102. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-102, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-102.
MT Code § 30-5-103 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-103. Repealed

  30-5-103. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-103, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-103.
MT Code § 30-5-104 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-104. Repealed

  30-5-104. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-104, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-104.
MT Code § 30-5-105 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-105. Repealed

  30-5-105. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-105, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-105.
MT Code § 30-5-106 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-106. Repealed

  30-5-106. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-106, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-106.
MT Code § 30-5-107 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-107. Repealed

  30-5-107. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-107, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-107.
MT Code § 30-5-108 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-108. Repealed

  30-5-108. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-108, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-108.
MT Code § 30-5-109 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-109. Repealed

  30-5-109. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-109, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-109.
MT Code § 30-5-110 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-110. Repealed

  30-5-110. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-110, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-110.
MT Code § 30-5-111 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-111. Repealed

  30-5-111. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-111, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-111.
MT Code § 30-5-112 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-112. Repealed

  30-5-112. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-112, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-112.
MT Code § 30-5-113 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-113. Repealed

  30-5-113. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-113, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-113.
MT Code § 30-5-114 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-114. Repealed

  30-5-114. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-114, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-114; amd. Sec. 8, Ch. 402, L. 1983.
MT Code § 30-5-115 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-115. Repealed

  30-5-115. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-115, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-115.
MT Code § 30-5-116 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-116. Repealed

  30-5-116. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-116, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-116; amd. Sec. 9, Ch. 402, L. 1983.
MT Code § 30-5-117 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-117. Repealed

  30-5-117. Repealed. Sec. 88, Ch. 536, L. 1997.   History: En. Sec. 5-117, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-117.
MT Code § 30-5-118 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-118. Security interest of issuer or nominated person

  30-5-118. Security interest of issuer or nominated person. (1) 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.   (2) Subject to subsection (2)(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 (1), the security interest continues and is subject to chapter 9A, but:   (a) a security agreement is not necessary to make the security interest enforceable under 30-9A-203(2)(c);   (b) if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and   (c) 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: En. Sec. 161, Ch. 305, L. 1999.
MT Code § 30-5-119 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-119. through 30-5-121 reserved

  30-5-119 through 30-5-121 reserved.
MT Code § 30-5-123 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-123. Scope

  30-5-123. Scope. (1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.   (2) The statement of a rule in this chapter 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 chapter.   (3) With the exception of this subsection, subsections (1) and (4), 30-5-122(1)(i) and (1)(j), 30-5-126(4), and 30-5-134(4), and except to the extent prohibited in 30-5-137(4), the effect of this chapter 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 chapter.   (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.   History: En. Sec. 7, Ch. 536, L. 1997; amd. Sec. 34, Ch. 575, L. 2005.
MT Code § 30-5-124 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-124. Formal requirements

  30-5-124. 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:   (1) by a signature; or   (2) in accordance with the agreement of the parties or the standard practice referred to in 30-5-128(5).   History: En. Sec. 8, Ch. 536, L. 1997.
MT Code § 30-5-125 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-125. Consideration

  30-5-125. Consideration. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.   History: En. Sec. 9, Ch. 536, L. 1997.
MT Code § 30-5-126 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-126. Issuance, amendment, cancellation, and duration

  30-5-126. 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.   (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.   (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.   (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.   History: En. Sec. 10, Ch. 536, L. 1997.
MT Code § 30-5-127 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-127. Confirmer, nominated person, and adviser

  30-5-127. 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.   (2) A nominated person who is not a confirmer is not obligated to honor or otherwise give value for a presentation.   (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.   (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.   History: En. Sec. 11, Ch. 536, L. 1997.
MT Code § 30-5-129 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-129. Fraud and forgery

  30-5-129. 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 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   (b) the issuer, acting in good faith, may honor or dishonor the presentation in any other case.   (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;   (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;   (c) all of the conditions to entitle a person to the relief under the law of this state have been met; and   (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)(a).   History: En. Sec. 13, Ch. 536, L. 1997.
MT Code § 30-5-130 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-130. Warranties

  30-5-130. Warranties. (1) If its presentation is honored, the beneficiary warrants:   (a) 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 30-5-129(1); and   (b) 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.   (2) The warranties in subsection (1) are in addition to warranties arising under chapters 3, 4, 7, and 8 because of the presentation or transfer of documents covered by any of those chapters.   History: En. Sec. 14, Ch. 536, L. 1997.
MT Code § 30-5-131 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-131. Remedies

  30-5-131. 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.   (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.   (3) 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 (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).   (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.   (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 chapter.   (6) 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.   History: En. Sec. 15, Ch. 536, L. 1997.
MT Code § 30-5-132 (2021)
2021 Montana Code Annotated|Title 30. Trade and Commerce|Chapter 5. Uniform Commercial Code Letters of Credit|Part 1. Letters of Credit|30-5-132. Transfer of letter of credit

  30-5-132. Transfer of letter of credit. (1) Except as otherwise provided in 30-5-133, 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.   (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   (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 which is within the standard practice referred to in 30-5-128(5) or is otherwise reasonable under the circumstances.   History: En. Sec. 16, Ch. 536, L. 1997.