675.106
Issuance, amendment, cancellation, and duration.
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675.106 Issuance, amendment, cancellation, and duration.—
(1) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.
(2) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.
(3) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires 1 year after its stated date of issuance or, if none is stated, after the date on which it is issued.
(4) A letter of credit that states that it is perpetual expires 5 years after its stated date of issuance or, if none is stated, after the date on which it is issued.
History.—s. 1, ch. 65-254; s. 615, ch. 97-102; s. 1, ch. 99-137.
Note.—s. 5-106, U.C.C.
Notes of Decisions
Cited in 8
cases, 1978–1995 · leading case: Braun v. Intercontinental Bank
Braun v. Intercontinental Bank (1985)
“Intercontinental correctly informed Braun that an irrevocable letter of credit could not be canceled or otherwise modified without the beneficiary's acquiesence or consent, see § 675.106(2), Fla. Stat. (1981), and that his only other option was to wait and see if the letter of…”
Cargill, Inc. v. Sunlight Foods, Inc. (1991)
“In general, once the beneficiary receives an irrevocable letter of credit (or an authorized written notification of it), the letter of credit is irrevocably "established," § 675.106(1)(b), Fla. Stat. (1989), and may not be *368 revoked or modified without the beneficiary's…”
Sea Management Service v. Club Sea (1987)
“2d at 1132 ; § 675.106, Fla. Stat. (1985). As SMS correctly points out, the independence of the obligations under letters of credit from the underlying contracts they are used to finance is vital to their efficacy.”
CITIZENS & PEOPLES NAT. BANK v. Futch (1995)
“Once an irrevocable letter of credit has been established, the issuer's obligation may not, under U.”
Republic National Bank of Miami, a National Banking Association v. Fidelity and Deposit Company of Maryland, a Maryland (1990)
“§ 675.106(1)(b), and the bank no longer may modify or revoke the letter without the beneficiary's consent, see id.”
Lewis State Bank v. Advance Mortg. Corp. (1978)
“Section 675.106(2) (UCC § 5-106(2)) provides that "unless otherwise agreed once an irrevocable credit is established as regards the customer it can be modified or revoked only with the consent of the customer.”
John Alden Life Insurance v. C.A. Cavendes, Sociedad Financiera (1984)
“The letter of credit is by its terms irrevocable, and under Florida Statute § 675.106(2), it may not be modified or revoked unless JALIC consents either to modification or revocation.”
Southern Marine Research, Inc. v. Nateman (1983)
“Since the documents submitted to the issuing bank required payment of the irrevocable letter of credit in question as specifically modified by the customer pursuant to Section 675.106(2), Florida Statutes (1981), the trial court correctly directed a verdict against the bank for…”
— 675.106(1)(a) — 1 case
Republic National Bank of Miami, a National Banking Association v. Fidelity and Deposit Company of Maryland, a Maryland (1990)
“§ 675.106(1)(b), and the bank no longer may modify or revoke the letter without the beneficiary's consent, see id.”
— 675.106(1)(b) — 1 case
Cargill, Inc. v. Sunlight Foods, Inc. (1991)
“In general, once the beneficiary receives an irrevocable letter of credit (or an authorized written notification of it), the letter of credit is irrevocably "established," § 675.106(1)(b), Fla. Stat. (1989), and may not be *368 revoked or modified without the beneficiary's…”
— 675.106(2) — 6 cases
Braun v. Intercontinental Bank (1985)
“Intercontinental correctly informed Braun that an irrevocable letter of credit could not be canceled or otherwise modified without the beneficiary's acquiesence or consent, see § 675.106(2), Fla. Stat. (1981), and that his only other option was to wait and see if the letter of…”
CITIZENS & PEOPLES NAT. BANK v. Futch (1995)
“Once an irrevocable letter of credit has been established, the issuer's obligation may not, under U.”
Cargill, Inc. v. Sunlight Foods, Inc. (1991)
“In general, once the beneficiary receives an irrevocable letter of credit (or an authorized written notification of it), the letter of credit is irrevocably "established," § 675.106(1)(b), Fla. Stat. (1989), and may not be *368 revoked or modified without the beneficiary's…”
Lewis State Bank v. Advance Mortg. Corp. (1978)
“Section 675.106(2) (UCC § 5-106(2)) provides that "unless otherwise agreed once an irrevocable credit is established as regards the customer it can be modified or revoked only with the consent of the customer.”
John Alden Life Insurance v. C.A. Cavendes, Sociedad Financiera (1984)
“The letter of credit is by its terms irrevocable, and under Florida Statute § 675.106(2), it may not be modified or revoked unless JALIC consents either to modification or revocation.”
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