Florida/Georgia Personal Injury & Workers Compensation

...With a valued customer, however, the bank may accept its customer's note to finance the purchase of the letter of credit. 5 After issuing the letter of credit, the bank delivers the letter to the customer. Upon its delivery, the credit becomes established with regard to the customer, see Fla.Stat. Sec. 675.106(1)(a) (1989), 3 and the bank no longer may modify or revoke the letter without the customer's consent, see id. Sec. 675.106(2). The customer then delivers the letter of credit to the beneficiary. At this point, the credit becomes established with regard to the beneficiary, see id. Sec. 675.106(1)(b), and the bank no longer may modify or revoke the letter without the beneficiary's consent, see id. Sec. 675.106(3)....

...informed Intercontinental that he wished to cancel the letter of credit. 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....

...The irrevocable letter of credit was issued by Intercontinental for the benefit of Griferia. Although Intercontinental was on notice that Braun wished to cancel the letter of credit, this wish could not be carried out without the consent of Griferia. § 675.106(2), Fla....

...dit without first obtaining SMS's consent, where SMS had complied with the terms of the letter of credit, which, inter alia, required SMS to present an affidavit asserting that the charter-party had not been terminated. See Braun, 466 So.2d at 1132; § 675.106, Fla....

...between the bank and the beneficiary, Cargill. See Braun, 466 So.2d at 1132. 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 consent. Id. § 675.106(2)....

...the Bank's agreement to extend it on August 9, 1973. The original letter, which had an expiration date of August 10, 1973, had to be presented for payment by that date or would have been rendered ineffective. 9 CJS Banks and Banking § 178c (1938). 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......

...performed, it still has the right to retain the letter of credit until its expiration on October 31, 1982 because, JALIC contends, the letter of credit is "irrevocable." 24. 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....

...Summers, Uniform Commercial Code, § 19.2 (3d ed. Supp. 1993) (citing U.C.C. § 5-114(1)). Once an irrevocable letter of credit has been established, the issuer's obligation may not, under U.C.C. Article 5-106(2) be extinguished without assent of the beneficiary. Id. at § 19-4; § 675.106(2), Fla....

specifically modified by the customer pursuant to Section 675.106(2), Florida Statutes (1981), the trial court