§ 25-5-106. Issuance, amendment, cancellation, and duration. - North Carolina Statutes

§25‑5‑106.  Issuance, amendment, cancellation, and duration.

(a)        A letter of creditis issued and becomes enforceable according to its terms against the issuerwhen the issuer sends or otherwise transmits it to the person requested toadvise or to the beneficiary. A letter of credit is revocable only if it soprovides.

(b)        After a letter ofcredit is issued, rights and obligations of a beneficiary, applicant,confirmer, and issuer are not affected by an amendment or cancellation to whichthat person has not consented except to the extent the letter of creditprovides that it is revocable or that the issuer may amend or cancel the letterof credit without that consent.

(c)        If there is nostated expiration date or other provision that determines its duration, aletter of credit expires one year after its stated date of issuance or, if noneis stated, after the date on which it is issued.

(d)        A letter of creditthat states that it is perpetual expires five years after its stated date ofissuance, or if none is stated, after the date on which it is issued. (1999‑73,s. 1.)