Florida Statute 675.116 | 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. 675.116

675.116 Choice of law and forum.—

(1) The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed or otherwise authenticated by the affected parties in the manner provided in s. 675.104 or by a provision in the person’s letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.

(2) Unless subsection (1) applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person’s undertaking. If more than one address is indicated, the person is considered to be located at the address from which the person’s undertaking was issued. For the purpose of jurisdiction, choice of law, and recognition of interbranch letters of credit, but not enforcement of a judgment, all branches of a bank are considered separate juridical entities and a bank is considered to be located at the place where its relevant branch is considered to be located under this subsection.

(3) Except as otherwise provided in this subsection, the liability of an issuer, nominated person, or adviser is governed by any rules of custom or practice, such as the Uniform Customs and Practice for Documentary Credits, to which the letter of credit, confirmation, or other undertaking is expressly made subject. If this chapter governs the liability of an issuer, nominated person, or adviser under subsection (1) or subsection (2), the relevant undertaking incorporates rules of custom or practice, and there is conflict between this chapter and such rules as applied to that undertaking, such rules govern except to the extent of any conflict with the nonvariable provisions specified in s. 675.102(3).

(4) This chapter governs to the extent of any conflict between this chapter and chapter 670, chapter 673, chapter 674, or chapter 679.

(5) The forum for settling disputes arising out of an undertaking within this chapter may be chosen in the manner and with the binding effect that governing law may be chosen in accordance with subsection (1).

History.—s. 1, ch. 65-254; s. 5, ch. 79-398; s. 620, ch. 97-102; s. 1, ch. 99-137.

Note.—s. 5-116, U.C.C.

F.S. 675.116 on Google Scholar

F.S. 675.116 on Casetext

Amendments to 675.116

Arrestable Offenses / Crimes under Fla. Stat. 675.116

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 675.116.

Annotations, Discussions, Cases:

Cases Citing Statute 675.116

Total Results: 3

Ocean Bank v. Save Import & Export, Inc.

Court: Fla. Dist. Ct. App. | Date Filed: 2001-09-26T00:00:00-07:00

Citation: 797 So. 2d 609, 2001 Fla. App. LEXIS 13440, 2001 WL 1130803

Snippet: in letters of credit and advices of credit (s.675.116(2)(a)), goods, negotiable documents, or chattel

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: . [6] This rule is now codified in subsection 675.116(3), Florida Statutes (1999), which provides in

CITIZENS & PEOPLES NAT. BANK v. Futch

Court: Fla. Dist. Ct. App. | Date Filed: 1995-02-15T23:53:00-08:00

Citation: 650 So. 2d 1008

Snippet: 466 So.2d 1130 (Fla. 3d DCA 1985). Under Section 675.116(1), Florida Statutes, the right to draw under a…of the credit, assign his rights to proceeds. § 675.116(2), Fla. Stat. In the present case, the letter …however, complicates the analysis somewhat. Section 675.116(2), Florida Statutes, states that even where a