SENATE BILL 85 |
SENATE AUTHOR: Carona |
EFFECTIVE: 09-01-99 |
HOUSE SPONSOR: Smith |
Senate Bill 85 amends the letters of credit chapter of the Uniform Commercial Code to expressly codify commonly accepted legal principles relating to an issuer's rights and obligations with respect to a beneficiary and to permit letters of credit to be issued electronically. The act makes conforming amendments to other chapters of the Uniform Commercial Code (Title 1 of the Business & Commerce Code).