Letters of Credit

  1. Law
  2. US Virgin Islands Code
  3. Uniform Commercial Code
  4. Letters of Credit

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Section
5-101

Short title

Section
5-102

Definitions

Section
5-103

Scope

Section
5-104

Formal requirements

Section
5-105

Consideration

Section
5-106

Issuance, amendment, cancellation, and duration

Section
5-107

Confirmer, nominated person, and adviser

Section
5-108

Issuer's rights and obligations

Section
5-109

Fraud and forgery

Section
5-110

Warranties

Section
5-111

Remedies

Section
5-112

Transfer of letter of credit

Section
5-113

Transfer by operation of law

Section
5-114

Assignment of proceeds

Section
5-115

Statute of limitations

Section
5-116

Choice of law and forum

Section
5-117

Subrogation of issuer, applicant, and nominated person

Section
5-118

Security interest of issuer or nominated person