Florida Statute 675.102 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 675
UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT

View Entire Chapter

675.102 Scope.—

(1) This chapter applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.

(2) The statement of a rule in this chapter does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this chapter.

(3) With the exception of this subsection, subsections (1) and (4), ss. 675.103(1)(i) and (j), 675.106(4), and 675.114(4), and except to the extent prohibited in ss. 671.102(2) and 675.117(4), the effect of this chapter may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this chapter.

(4) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.

History.—s. 1, ch. 65-254; s. 1, ch. 99-137; s. 25, ch. 2007-134.

Note.—s. 5-102, U.C.C.

F.S. 675.102 on Google Scholar

F.S. 675.102 on CourtListener

Amendments to 675.102

Annotations, Discussions, Cases:

Cases Citing Statute 675.102

Total Results: 3 | Sort by: Relevance | Newest First

Copy

Lewis State Bank v. Advance Mortg. Corp., 362 So. 2d 406 (Fla. 1st DCA 1978).

Cited 4 times | Published | Florida 1st District Court of Appeal | 25 U.C.C. Rep. Serv. (West) 245, 1978 Fla. App. LEXIS 17204

...(1977), requires the issuing bank to examine the documents with care in order to assure they appear regular on their face. [4] "A letter of credit is governed by the same general principles of law as are all other contracts in writing." 50 Am.Jur.2d, Letters of Credit, § 13, p. 409 (1970). [5] Section 675.102(3) (UCC 5-102(3)) provides: This chapter deals with some but not all of the rules and concepts of letters of credit as such rules or concepts have developed prior to this act or may hereafter develop....

Copy

Citibank, Na v. Klein, 396 So. 2d 763 (Fla. 3d DCA 1981).

Cited 2 times | Published | Florida 3rd District Court of Appeal | 31 U.C.C. Rep. Serv. (West) 650

...We hold further that the respondent judge is without jurisdiction to further proceed in this cause so as to affect the rights of Citibank, N.A. under the letter of credit. We are confident that the respondent judge will be guided by our opinion without the necessity of formally issuing a writ of prohibition. NOTES [1] Section 675.102(3), Florida Statutes (1979), specifically states: "This chapter [Article 5] deals with some but not all of the rules and concepts of letters of credit as such rules or concepts have developed prior to this act or may hereafter develop....

...The fact that this chapter states a rule does not by itself require, imply, or negate application of the same or a converse rule to a situation not provided for or to a person not specified by this chapter." The holding in Tueta is, in our view, exactly the type of interstitial rule of law envisioned by Section 675.102(3).

Copy

Regions Bank v. Glendinning, 960 So. 2d 819 (Fla. 4th DCA 2007).

Cited 1 times | Published | Florida 4th District Court of Appeal | 2007 WL 1827627

...f credit. The issues regarding the letter of credit are largely independent of the underlying but separate agreement for the sale of the Bahamas property. See generally Daiwa Prods., Inc. v. Nationsbank, N.A., 885 So.2d 884, 889 (Fla. 4th DCA 2004); § 675.102(4), Fla....

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.