Okla. Stat. tit. 12A, § 12A-5-102

Definitions.

(a) In this article:

(1) "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;

(2) "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;

(3) "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;

(4) "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;

(5) "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;

(6) "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:

(i) 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 subsection (e)

of Section 5-108 of this title; and

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(ii) which is capable of being examined for compliance

with the terms and conditions of the letter of

credit.

A document may not be oral;

(7) "Good faith" means honesty in fact in the conduct or

transaction concerned;

(8) "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:

(i) upon payment;

(ii) if the letter of credit provides for acceptance,

upon acceptance of a draft and, at maturity, its

payment; or

(iii) if the letter of credit provides for incurring a

deferred obligation, upon incurring the

obligation and, at maturity, its performance;

(9) "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;

(10) "Letter of credit" means a definite undertaking that

satisfies the requirements of Section 5-104 of this

title 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;

(11) "Nominated person" means a person whom the issuer:

(i) designates or authorizes to pay, accept,

negotiate, or otherwise give value under a letter

of credit; and

(ii) undertakes by agreement or custom and practice to

reimburse;

(12) "Presentation" means delivery of a document to an

issuer or nominated person for honor or giving of

value under a letter of credit;

(13) "Presenter" means a person making a presentation as or

on behalf of a beneficiary or nominated person;

(14) "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;

and

(15) "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

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been merged or consolidated, an administrator,

executor, personal representative, trustee in

bankruptcy, debtor in possession, liquidator, and

receiver.
eneficiary" 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

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been merged or consolidated, an administrator,

executor, personal representative, trustee in

bankruptcy, debtor in possession, liquidator, and

receiver.

(b) Definitions in other articles of this title applying to

this article and the sections in which they appear are:

"Accept or "Acceptance" Section 3-409.

"Value" Sections 3-303 and 4-2ll.

(c) Article 1 of this title contains certain additional general

definitions and principles of construction and interpretation

applicable throughout this article.