1998 Florida Code
TITLE XXXIX COMMERCIAL RELATIONS
Chapter 675 Uniform Commercial Code: Letters Of Credit
675.103 Definitions.
675.103 Definitions.--
(1) In this chapter unless the context otherwise requires:
(a) "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this chapter (s. 675.102) that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit shall clearly state whether it is revocable or irrevocable and in the absence of such statement shall be presumed to be irrevocable. The engagement may be either an agreement to honor or a statement that the bank or other person is authorized to honor.
(b) A "documentary draft" or a "documentary demand for payment" is one honor of which is conditioned upon the presentation of a document or documents. "Document" means any paper including document of title, security, invoice, certificate, notice of default and the like.
(c) An "issuer" is a bank or other person issuing a credit.
(d) A "beneficiary" of a credit is a person who is entitled under its terms to draw or demand payment.
(e) An "advising bank" is a bank which gives notification of the issuance of a credit by another bank.
(f) A "confirming bank" is a bank which engages either that it will itself honor a credit already issued by another bank or that such a credit will be honored by the issuer or a third bank.
(g) A "customer" is a buyer or other person who causes an issuer to issue a credit. The term also includes a bank which procures issuance or confirmation on behalf of that bank's customer.
(2) Other definitions applying to this chapter and the sections in which they appear are:
"Notation of credit," s. 675.108.
"Presenter," s. 675.112(3).
(3) Definitions in other chapters applying to this chapter and the sections in which they appear are:
"Accept" or "acceptance," s. 673.4091.
"Contract for sale," s. 672.106.
"Draft," s. 673.1041.
"Holder in due course," s. 673.3021.
"Midnight deadline," s. 674.104.
"Security," s. 678.102.
(4) In addition, chapter 671 contains general definitions and principles of construction and interpretation applicable throughout this chapter.
History.--s. 1, ch. 65-254; s. 49, ch. 92-82.
Note.--s. 5-103, U.C.C.; supersedes s. 676.06.
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