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Indiana Code Title 26. Commercial Law § 26-1-5.1-101

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 101. (a) IC 26-1-5.1 shall be known and may be cited as Uniform Commercial Code--Letters of Credit.

(b) IC 26-1-5.1 applies to a letter of credit that is issued after June 30, 1996, and does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before July 1, 1996.

(c) A transaction arising out of or associated with a letter of credit that was issued before July 1, 1996, and the rights, obligations, and interests flowing from that transaction:

(1) are governed by IC 26-1-5 (before its repeal) and any other law amended by senate enrolled act 193 of the 1996 regular session of the general assembly as if repeal or amendment had not occurred;  and

(2) may be terminated, completed, consummated, or enforced under IC 26-1-5 (before its repeal) or other law (before its amendment by senate enrolled act 193 of the 1996 regular session of the general assembly).

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Cite this article: FindLaw.com - Indiana Code Title 26. Commercial Law § 26-1-5.1-101 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-26-commercial-law/in-code-sect-26-1-5-1-101/

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