reglab/housing_qa huggingface dataset:
12A OK Stat § 12A-4A-507 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-4A-507. Choice of law.

|CHOICE OF LAW |(a) The following rules apply unless the affected parties otherwise agree or subsection (c) of this section applies:(1) 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.(2) 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.(3) 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.(b) If the parties described in each paragraph of subsection (a) 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.(c) A funds-transfer system rule may select the law of a particular jurisdiction to govern (i) 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. A choice of law made pursuant to clause (i) is binding on participating banks. A choice of law made pursuant to clause (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.(d) In the event of inconsistency between an agreement under subsection (b) and a choice-of-law rule under subsection (c) of this section, the agreement under subsection (b) of this section prevails.(e) 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.Added by laws 1990, c. 110, § 38, eff. July 1, 1991.
12A OK Stat § 12A-4A-551 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-4A-551. Validity of prior transactions.

|Transactions validly entered into before the effective date of this act and the rights, duties and interests flowing from them remain valid thereafter and may be terminated, completed, consummated or enforced as required or permitted by any statute or other law amended or repealed by this act as though such repeal or amendment has not occurred. |Added by Laws 1990, c. 110, § 39, eff. July 1, 1991.
12A OK Stat § 12A-5-101 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-101. Short Title.

|This article shall be known and may be cited as Uniform Commercial Code - Letters of Credit. |Laws 1961, p. 132, § 5-101.
12A OK Stat § 12A-5-103 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-103. Scope.

|Scope. |(a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.(b) 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.(c) With the exception of this subsection, subsections (a) and (d) of this section, paragraphs (9) and (10) of subsection (a) of Section 5-102 of this title, subsection (d) of Section 5-106 of this title, and subsection (d) of Section 5-114 of this title, and except to the extent prohibited in Section 15 of this act and subsection (d) of Section 5-117 of this title, 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.(d) 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.Added by Laws 1961, p. 132, § 5-103. Amended by Laws 1994, c. 46, § 5, eff. Sept. 1, 1994; Laws 1996, c. 56, § 2, eff. Jan. 1, 1997; Laws 2005, c. 139, § 36, eff. Jan. 1, 2006.
12A OK Stat § 12A-5-104 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-104. Formal Requirements.

|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 subsection (e) of Section 5-108 of this title.Added by Laws 1961, p. 133, § 5-104. Amended by Laws 1996, c. 56, § 3, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-105 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-105. Consideration.

|Consideration. |Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.Added by Laws 1961, p. 133, § 5-105. Amended by Laws 1996, c. 56, § 4, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-106 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-106. Issuance, Amendment, Cancellation, and Duration.

|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 (1) 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 (5) years after its stated date of issuance, or if none is stated, after the date on which it is issued.Added by Laws 1961, p. 133, § 5-106. Amended by Laws 1996, c. 56, § 5, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-107 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-107. Confirmer, Nominated Person, and Adviser.

|Confirmer, Nominated Person, and Adviser. |(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.Added by Laws 1961, p. 133, § 5-107. Amended by Laws 1996, c. 56, § 6, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-109 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-109. Fraud and Forgery.

|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.Added by Laws 1961, p. 134, § 5-109. Amended by Laws 1996, c. 56, § 8, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-110 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-110. Warranties.

|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 of this title; 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 III, IV, VII and VIII of this title because of the presentation or transfer of documents covered by any of those articles.Added by Laws 1961, p. 134, § 5-110. Amended by Laws 1996, c. 56, § 9, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-111 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-111. Remedies.

|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) 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.(f) 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.Added by Laws 1961, p. 134, § 5-111. Amended by Laws 1996, c. 56, § 10, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-112 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-112. Transfer of Letter of Credit.

|Transfer of Letter of Credit. |(a) Except as otherwise provided in Section 5-113 of this title, 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 of this title or is otherwise reasonable under the circumstances.Added by Laws 1961, p. 135, § 5-112. Amended by Laws 1996, c. 56, § 11, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-113 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-113. Transfer by Operation of Law.

|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 of this title or, in the absence of such a practice, compliance with other reasonable procedures sufficient to protect the issuer.(c) An issuer is not obligated 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 of this title 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 of this title.(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.Added by Laws 1961, p. 135, § 5-113. Amended by Laws 1996, c. 56, § 12, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-114 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-114. Assignment of Proceeds.

|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 of this title 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 of this title or other law.Added by Laws 1961, p. 135, § 5-114. Amended by Laws 1984, c. 76, § 2, eff. Nov. 1, 1984; Laws 1995, c. 242, § 55, eff. Feb. 1, 1996; Laws 1996, c. 56, § 13, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-115 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-115. Statute of Limitations.

|Statute of Limitations. |An action to enforce a right or obligation arising under this article must be commenced within one (1) year after the expiration date of the relevant letter of credit or one (1) 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.Added by Laws 1961, p. 136, § 5-115. Amended by Laws 1996, c. 56, § 14, eff. Jan. 1, 1997.
12A OK Stat § 12A-5-116 (2021)
2021 Oklahoma Statutes|Title 12A. Commercial Code|§12A-5-116. Choice of Law and Forum.

|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 of this title 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 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:(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 of this title.(d) If there is conflict between this article and Article 3, 4, 4A, or 9 of this title, 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.Added by Laws 1961, p. 136, § 5-116. Amended by Laws 1981, c. 194, § 4, eff. Oct. 1, 1981; Laws 1996, c. 56, § 15, eff. Jan. 1, 1997.