§ 5-106 — Issuance, amendment, cancellation, and duration

Section 5--106. Issuance, amendment, cancellation, and duration.\n (a) A letter of credit is issued and becomes enforceable according to\nits terms against the issuer when the issuer sends or otherwise\ntransmits it to the person requested to advise or to the beneficiary. A\nletter of credit is revocable only if it so provides.\n (b) After a letter of credit is issued, rights and obligations of a\nbeneficiary, applicant, confirmer, and issuer are not affected by an\namendment or cancellation to which that person has not consented except\nto the extent the letter of credit provides that it is revocable or that\nthe issuer may amend or cancel the letter of credit without that\nconsent.\n (c) If there is no stated expiration date or other provision that\ndetermines its duration, a letter of credit expires one year after its\nstated date of issuance or, if none is stated, after the date on which\nit is issued.\n (d) A letter of credit that states that it is perpetual expires five\nyears after its stated date of issuance, or if none is stated, after the\ndate on which it is issued.\n