Utah Statutes
§ 70A-5-110 — Warranties.
(1)If its presentation is honored, the beneficiary warrants:
(1)(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 Subsection 70A-5-109(1); and
(1)(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) are in addition to warranties arising under Title 70A, Chapter 3, Uniform Commercial Code - Negotiable Instruments, Chapter 4, Uniform Commercial Code - Bank Deposits and Collections, Chapter 7a, Uniform Commercial Code - Documents of Title, and Chapter 8, Uniform Commercial Code - Investment Securities, because of the presentation
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Legislative History
Amended by Chapter 42, 2006 General Session
Nearby Sections
15
§ 70A-10-101
Effective date.§ 70A-10-102
Specific repealer -- Provision for transition.§ 70A-10-103
General repealer.§ 70A-10-104
Laws not repealed.§ 70A-1a-101
Title.§ 70A-1a-102
Scope of chapter.§ 70A-1a-104
Construction against implied repeal.§ 70A-1a-105
Severability.§ 70A-1a-106
Use of singular and plural -- Gender.§ 70A-1a-107
Section captions.§ 70A-1a-201
General definitions.§ 70A-1a-202
Notice -- Knowledge.§ 70A-1a-203
Lease distinguished from security interest.