Okla. Stat. tit. 12A, § 12A-5-106
This is the official text of Okla. Stat. tit. 12A, § 12A-5-106, part of Oklahoma’s Stat. tit. 12A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12A,." Browse the sections below, each linked to its official government source.
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Issuance, Amendment, Cancellation, and Duration
Official statutory text
Issuance, Amendment, Cancellation, and Duration.
(a) A letter of credit is issued and becomes enforceable
according to its terms against the issuer when the issuer sends or
otherwise transmits it to the person requested to advise or to the
beneficiary. A letter of credit is revocable only if it so
provides.
(b) After a letter of credit is issued, rights and obligations
of a beneficiary, applicant, confirmer, and issuer are not affected
by an amendment or cancellation to which that person has not
consented except to the extent the letter of credit provides that it
is revocable or that the issuer may amend or cancel the letter of
credit without that consent.
(c) If there is no stated expiration date or other provision
that determines its duration, a letter of credit expires one (1)
year after its stated date of issuance or, if none is stated, after
the date on which it is issued.
(d) A letter of credit that states that it is perpetual expires
five (5) years after its stated date of issuance, or if none is
stated, after the date on which it is issued.
(a) A letter of credit is issued and becomes enforceable
according to its terms against the issuer when the issuer sends or
otherwise transmits it to the person requested to advise or to the
beneficiary. A letter of credit is revocable only if it so
provides.
(b) After a letter of credit is issued, rights and obligations
of a beneficiary, applicant, confirmer, and issuer are not affected
by an amendment or cancellation to which that person has not
consented except to the extent the letter of credit provides that it
is revocable or that the issuer may amend or cancel the letter of
credit without that consent.
(c) If there is no stated expiration date or other provision
that determines its duration, a letter of credit expires one (1)
year after its stated date of issuance or, if none is stated, after
the date on which it is issued.
(d) A letter of credit that states that it is perpetual expires
five (5) years after its stated date of issuance, or if none is
stated, after the date on which it is issued.
Status: in_force · Read it on the official government site
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