8.5A-106 - A-106. Issuance, amendment, cancellation, and duration. - Virginia Statutes

§ 8.5A-106. Issuance, amendment, cancellation, and duration.

(a) A letter of credit is issued and becomes enforceable according to itsterms against the issuer when the issuer sends or otherwise transmits it tothe person 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 and obligations of abeneficiary, applicant, confirmer, and issuer are not affected by anamendment or cancellation to which that person has not consented except tothe 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 provision that determinesits duration, a letter of credit expires one year after its stated date ofissuance 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 yearsafter its stated date of issuance, or if none is stated, after the date onwhich it is issued.

(1997, c. 343.)