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2020 Oklahoma Statutes
Title 12A. Commercial Code
§12A-5-110. Warranties.
Universal Citation: 12A OK Stat § 12A-5-110 (2020)
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.
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