§ 6A-5-106 - Issuance, amendment, cancellation, and duration. - Rhode Island Statutes

SECTION 6A-5-106

   § 6A-5-106  Issuance, amendment,cancellation, and duration. – (a) A letter of credit is issued and becomes enforceable according to its termsagainst the issuer when the issuer sends or otherwise transmits it to theperson requested to advise or to the beneficiary. A letter of credit isrevocable only if it so provides.

   (b) After a letter of credit is issued, rights andobligations of a beneficiary, applicant, confirmer, and issuer are not affectedby an amendment or cancellation to which that person has not consented exceptto the extent the letter of credit provides that it is revocable or that theissuer may amend or cancel the letter of credit without that consent.

   (c) If there is no stated expiration date or other provisionthat determines its duration, a letter of credit expires one year after itsstated date of issuance or, if none is stated, after the date on which it isissued.

   (d) A letter of credit that states that it is perpetualexpires five years after its stated date of issuance, or if none is stated,after the date on which it is issued.