(a)In this article:
(i)"Adviser" means a person who, at the request of
the issuer, a confirmer, or another adviser, notifies or
requests another adviser to notify the beneficiary that a letter
of credit has been issued, confirmed, or amended;
(ii)"Applicant" means a person at whose request or
for whose account a letter of credit is issued. The term
includes a person who requests an issuer to issue a letter of
credit on behalf of another if the person making the request
undertakes an obligation to reimburse the issuer;
(iii)"Beneficiary" means a person who under the
terms of a letter of credit is entitled to have its complying
presentation honored. The term includes a person to whom
drawing rights have been transferred under a transferable letter
of credit;
(iv)"Confirmer" means a nomi
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(a) In this article:
(i) "Adviser" means a person who, at the request of
the issuer, a confirmer, or another adviser, notifies or
requests another adviser to notify the beneficiary that a letter
of credit has been issued, confirmed, or amended;
(ii) "Applicant" means a person at whose request or
for whose account a letter of credit is issued. The term
includes a person who requests an issuer to issue a letter of
credit on behalf of another if the person making the request
undertakes an obligation to reimburse the issuer;
(iii) "Beneficiary" means a person who under the
terms of a letter of credit is entitled to have its complying
presentation honored. The term includes a person to whom
drawing rights have been transferred under a transferable letter
of credit;
(iv) "Confirmer" means a nominated person who
undertakes, at the request or with the consent of the issuer, to
honor a presentation under a letter of credit issued by another;
(v) "Dishonor" of a letter of credit means failure
timely to honor or to take an interim action, such as acceptance
of a draft, that may be required by the letter of credit;
(vi) "Document" means a draft or other demand,
document of title, investment security, certificate, invoice, or
other record, statement, or representation of fact, law, right,
or opinion (1) which is presented in a written or other medium
permitted by the letter of credit or, unless prohibited by the
letter of credit, by the standard practice referred to in W.S.
34.1-5-108(e) and (2) which is capable of being examined for
compliance with the terms and conditions of the letter of
credit. A document may not be oral;
(vii) "Good faith" means honesty in fact in the
conduct or transaction concerned;
(viii) "Honor" of a letter of credit means
performance of the issuer's undertaking in the letter of credit
to pay or deliver an item of value. Unless the letter of credit
otherwise provides, "honor" occurs:
(A) Upon payment;
(B) If the letter of credit provides for
acceptance, upon acceptance of a draft and, at maturity, its
payment; or
(C) If the letter of credit provides for
incurring a deferred obligation, upon incurring the obligation
and, at maturity, its performance.
(ix) "Issuer" means a bank or other person that
issues a letter of credit, but does not include an individual
who makes an engagement for personal, family, or household
purposes;
(x) "Letter of credit" means a definite undertaking
that satisfies the requirements of W.S. 34.1-5-104 by an issuer
to a beneficiary at the request or for the account of an
applicant or, in the case of a financial institution, to itself
or for its own account, to honor a documentary presentation by
payment or delivery of an item of value;
(xi) "Nominated person" means a person whom the
issuer (1) designates or authorizes to pay, accept, negotiate,
or otherwise give value under a letter of credit and (2)
undertakes by agreement or custom and practice to reimburse;
(xii) "Presentation" means delivery of a document to
an issuer or nominated person for honor or giving of value under
a letter of credit;
(xiii) "Presenter" means a person making a
presentation as or on behalf of a beneficiary or nominated
person;
(xiv) "Record" means information that is inscribed on
a tangible medium, or that is stored in an electronic or other
medium and is retrievable in perceivable form;
(xv) "Successor of a beneficiary" means a person who
succeeds to substantially all of the rights of a beneficiary by
operation of law, including a corporation with or into which the
beneficiary has been merged or consolidated, an administrator,
executor, personal representative, trustee in bankruptcy, debtor
in possession, liquidator, and receiver.
(b) Definitions in other articles applying to this article
and the sections in which they appear are:
"Accept" or "Acceptance" W.S. 34.1-3-409
"Value" W.S. 34.1-3-303,
34.1-4-211
(c) Article 1 contains certain additional general
definitions and principles of construction and interpretation
applicable throughout this article.