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Georgia State Code
Title      11
Chapter       5  
Section Navigation      101 ... 110       111 ... 118     
Section101 102 103 104 105 106 107 108 109 110 >>>  
Title 11, Chapter 5, Section 103 (11-5-103)

(1) In this article unless the context otherwise requires:

(a) "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this article (Code Section 11-5-102) that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable. The engagement may be either an agreement to honor or a statement that the bank or other person is authorized to honor.

(b) A "documentary draft" or a "documentary demand for payment" is one honor of which is conditioned upon the presentation of a document or documents. "Document" means any paper including document of title, security, invoice, certificate, notice of default, and the like.

(c) An "issuer" is a bank or other person issuing a credit.

(d) A "beneficiary" of a credit is a person who is entitled under its terms to draw or demand payment.

(e) An "advising bank" is a bank which gives notification of the issuance of a credit by another bank.

(f) A "confirming bank" is a bank which engages either that it will itself honor a credit already issued by another bank or that such a credit will be honored by the issuer or a third bank.

(g) A "customer" is a buyer or other person who causes an issuer to issue a credit. The term also includes a bank which procures issuance or confirmation on behalf of that bank's customer.

(2) Other definitions applying to this article and the Code sections in which they appear are:

"Notation of credit." Code Section 11-5-108.

"Presenter." Code Section 11-5-112(3).

(3) Definitions in other articles of this title applying to this article and the Code sections in which they appear are:

"Accept" or "acceptance." Code Section 11-3-410.

"Contract for sale." Code Section 11-2-106.

"Draft." Code Section 11-3-104.

"Holder in due course." Code Section 11-3-302.

"Midnight deadline." Code Section 11-4-104.

"Security." Code Section 11-8-102.

(4) In addition, Article 1 of this title contains general definitions and principles of construction and interpretation applicable throughout this article.

Saturday May 23 16:49 EDT

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