CopyCited 18 times | Published | Court of Appeals for the Eleventh Circuit | 10 U.C.C. Rep. Serv. 2d (West) 1330, 1990 U.S. App. LEXIS 2294, 1990 WL 6919
...bill of lading conforms exactly to the description recited on the face of the letter of credit. See id. Sec.
675.114(1). If the documents conform, the bank must honor the letter by the third banking day following receipt of the documents. See id. Secs.
675.112, .114(1)....
...25 Either not noticing or ignoring these anomalies in the proffered invoices and bills of lading, Republic issued a cashier's check in the amount of $1,239,000 to the order of Limitada. The check was issued on February 17, even though Republic was not required to make payment until three days after demand. See Fla.Stat. Sec. 675.112....
...Nor can the bank rely upon the goods represented by the bills of lading. The bank will first see the bills when the beneficiary attempts to draw on the letter of credit, after which the bank has only three days in which either to honor or dishonor the letter. See Fla.Stat. Sec. 675.112....
CopyCited 6 times | Published | Florida 3rd District Court of Appeal | 17 U.C.C. Rep. Serv. 2d (West) 840, 1992 Fla. App. LEXIS 4748, 1992 WL 353672
...rn the documents. Id. at 212-13 (emphasis in original). See also J. Dolan, The Law of Letters of Credit para.
6.06[1][b], at 6-59 (1991) ("Delays of seven days ..., twelve or thirteen days ..., and nine days ..., are too long.") (citations omitted); §
675.112(1)(a), Fla....
CopyPublished | Florida 1st District Court of Appeal | 14 Fla. L. Weekly 2279, 9 U.C.C. Rep. Serv. 2d (West) 1036, 8 A.L.R. 5th 982, 1989 Fla. App. LEXIS 5397, 1989 WL 113231
...een Weymouth Equipment Corporation and Hobbs Construction and Development, Inc., dated November 21, 1984, as amended. (Emphasis added.) The appellant bank, upon receiving the original letter and the nonconforming document, deferred honor pursuant to section 675.112, Florida Statutes (1987)....
...The appellant also argues that presentment had been withdrawn when appellee's counsel left the bank with the original letter. Therefore, after the period of deferral provided by statute had expired, appellant had nothing to honor. We consider first the latter argument. Section 675.112(1)(a) provides that upon presentment of a demand for payment, a bank may defer honor until the third banking day following receipt of the documents; a deferral is not the equivalent of dishonor....
...Although appellee Cashman has not made this argument, it is not clear that "presentment" under the UCC requires anything more. Appellant argues that Chapter 675, Florida Statutes (1985), which provides the statutory framework for letters of credit, contemplates that original documents are to be left with the bank. Section 675.112(2) provides: (2) Upon dishonor the bank may unless otherwise instructed fulfill its duty to return the draft or demand and the documents by holding them at the disposal of the presenter and sending him an advice to that effect. The Official Comment 1 to section 5-112 of the Uniform Commercial Code, codified in Florida as section 675.112, states that the purpose of the deferral period is to allow the bank the opportunity to examine the documents....
