2006 Kentucky Revised Statutes - .110   Warranties.

355.5-110 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 KRS 355.5- 109(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) of this section are in addition to warranties arising under Articles 3, 4, 7, and 8 of this chapter because of the presentation or transfer of documents covered by any of those articles. Effective: July 1, 2001 History: Repealed and reenacted 2000 Ky. Acts ch. 408, sec. 10, effective July 1, 2001. -- Created 1958 Ky. Acts ch. 77, sec. 5-110, effective July 1, 1960.