Florida Statute 675.103 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIX
COMMERCIAL RELATIONS

Chapter 675
UNIFORM COMMERCIAL CODE: LETTERS OF CREDIT

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F.S. 675.103

675.103 Definitions.—

(1) For purposes of this chapter:

(a) “Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended.

(b) “Applicant” means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.

(c) “Beneficiary” means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit.

(d) “Confirmer” means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another.

(e) “Dishonor” of a letter of credit means failure timely to honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit.

(f) “Document” means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion which is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in s. 675.108(5) and which is capable of being examined for compliance with the terms and conditions of the letter of credit. A document may not be oral.

(g) “Good faith” means honesty in fact in the conduct or transaction concerned.

(h) “Honor” of a letter of credit means performance of the issuer’s undertaking in the letter of credit to pay or deliver an item of value. Unless the letter of credit otherwise provides, “honor” occurs:

1. Upon payment;

2. If the letter of credit provides for acceptance, upon acceptance of a draft and paying the draft at maturity; or

3. If the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and performing the obligation at maturity.

(i) “Issuer” means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes.

(j) “Letter of credit” means a definite undertaking that satisfies the requirements of s. 675.104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value.

(k) “Nominated person” means a person whom the issuer designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and undertakes by agreement or custom and practice to reimburse.

(l) “Presentation” means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit.

(m) “Presenter” means a person making a presentation as or on behalf of a beneficiary or nominated person.

(n) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

(o) “Successor of a beneficiary” means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.

(2) The following definitions and the sections in which they appear in other chapters apply to this chapter:

“Acceptance,” s. 673.4091.

“Value,” ss. 673.3031 and 674.2111.

(3) The provisions of part II of chapter 671 apply to this chapter.

History.—s. 1, ch. 65-254; s. 49, ch. 92-82; s. 1, ch. 99-137.

Note.—s. 5-103, U.C.C.; supersedes s. 676.06.

F.S. 675.103 on Google Scholar

F.S. 675.103 on Casetext

Amendments to 675.103

Arrestable Offenses / Crimes under Fla. Stat. 675.103

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 675.103.

Annotations, Discussions, Cases:

Cases Citing Statute 675.103

Total Results: 5

Daiwa Products, Inc. v. NATIONSBANK, NA

Court: Fla. Dist. Ct. App. | Date Filed: 2004-09-01T00:53:00-07:00

Citation: 885 So. 2d 884

Snippet: a [letter of] credit by another bank." § 675.103(1)(e), Fla. Stat. (1997).[1] An advising bank does…an issuer to issue" a letter of credit. § 675.103(1)(g), Fla. Stat. (1997). NationsBank was the &…issuer" that issued the letter of credit. § 675.103(1)(c). SAAT, the seller of the goods, was the &…under its terms to draw or demand payment." § 675.103(1)(d). Three different agreements are present in… The definitions section of Article 5, section 675.103(1)(a), Florida Statutes (1997), treats "credit

JIM MACON BLDG. CONTRACTORS. INC. v. Lake County

Court: Fla. Dist. Ct. App. | Date Filed: 2000-06-02T00:53:00-07:00

Citation: 763 So. 2d 1223

Snippet: Uniform Customs and Practice][7]; see also §§ 675.103(1)(a), 675.109, Fla. Stat. (1993). Thus, a letter…466 So.2d 1130 (Fla. 3d DCA 1985); see also §§ 675.103(1)(a), 675.109, Fla. Stat. (1993); Citizens &…NOTES [1] This definition is taken from section 675.103(1)(a), Florida Statutes (1993). A similar definition

Banco Do Brasil v. City Nat. Bank

Court: Fla. Dist. Ct. App. | Date Filed: 1992-11-30T23:53:00-08:00

Citation: 609 So. 2d 689

Snippet: certificate, notice of default and the like. § 675.103(1)(b), Fla. Stat. LOC 20705 issued by CNB on October

American Nat. Bk. v. Cashman Bros. Marine

Court: Fla. Dist. Ct. App. | Date Filed: 1989-09-26T00:53:00-07:00

Citation: 550 So. 2d 98

Snippet: conditions specified in the credit... ." § 675.103(1)(a), Florida Statutes (1987); UCC, § 5-103(1)

Lewis State Bank v. Advance Mortg. Corp.

Court: Fla. Dist. Ct. App. | Date Filed: 1978-08-24T00:53:00-07:00

Citation: 362 So. 2d 406

Snippet: construction to be applied to letters of credit. Section 675.103, Fla. Stat. (1977) (UCC § 5-103), requires that