Indiana § 26-1-5.1-110 Warranties on transfer and presentment

Indiana Statutes

§ 26-1-5.1-110 — Warranties on transfer and presentment

Indiana § 26-1-5.1-110

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 5.1Letters of Credit

This text of Indiana § 26-1-5.1-110 (Warranties on transfer and presentment) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-5.1-110 (2026).

Text

(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 IC 26-1-5.1-109(a); 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) are in addition to warranties arising under IC 26-1-3.1, IC 26-1-4, IC 26-1-7, and IC 26-1-8.1 because of the presentation or transfer of documents covered by any of those articles.

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(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 IC 26-1-5.1-109(a); 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) are in addition to warranties
arising under IC 26-1-3.1, IC 26-1-4, IC 26-1-7, and IC 26-1-8.1
because of the presentation or transfer of documents covered by any of
those articles.