Title 11, Chapter 5, Section 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.