South Carolina § 36-5-110 Warranties.

South Carolina Statutes

§ 36-5-110 — Warranties.

South Carolina·Title 36 COMMERCIAL CODE·Ch. 5 COMMERCIAL CODE— LETTERS OF CREDIT

(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 Section 36-5-109(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 Chapters 3, 4, 7, and 8 because of the presentation or transfer of documents covered by any of those chapters.

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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 Section 36-5-109(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 Chapters 3, 4, 7, and 8 because of the presentation or transfer of documents covered by any of those chapters.

South Carolina § 36-5-110 (Warranties.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.