O.C.G.A.

O.C.G.A. § 11-5-101 (2019)

Short title

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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This article may be cited as “Uniform Commercial Code - Letters of Credit.”

History

Code 1981, § 11-5-101, enacted by Ga. L. 2002, p. 995, § 1.

Annotations

JUDICIAL DECISIONS Editor’s notes. - In light of the similarity of the statutory provisions, decisions under former Article 5 are included in the annotations for this Code section. Contract law applicability. - Letters of credit, being contracts, are subject to same general principles applicable to other written contracts. First Nat’l Bank v. Wynne, 149 Ga. App. 811, 256 S.E.2d 383, 1979 Ga. App. LEXIS 2043 (1979)

(decided under former Code 1933 §§ 109A5-101 through 116). Silent confirmation of a letter of credit may serve a purpose similar to that of a former Article 5 confirmation by providing the beneficiary with an additional source of payment; however, it involves different parties and creates different rights and obligations and, clearly, a silent confirmation is not a former Article

5 confirmation and falls outside the operation of the UCC. Dibrell Bros. Int’l v. Banca Nazionale Del Lavoro, 38 F.3d 1571, 1994 U.S. App. LEXIS 33697 (11th Cir. 1994) (decided under former O.C.G.A. § 11-5-114). Former Article 5 did not preclude recov-

ery for breach of contract to silently confirm on a common law breach of contract theory. Dibrell Bros. Int’l v. Banca Nazionale Del Lavoro, 38 F.3d 1571, 1994 U.S. App. LEXIS 33697 (11th Cir. 1994) (decided under former O.C.G.A. § 11-5-114).

RESEARCH REFERENCES U.L.A. Uniform Commercial Code (U.L.A.) § 5101.

ALR. What is a letter of credit under UCC §§ 5-102, 5-103, 44 A.L.R.4th 172.

Notes of Decisions

Cited in 1 case, 1994–1994 · leading case: Dibrell Bros. Int'l S.A., Plaintiff-Counter-Defendant-Appellant v. Banca Nazionale Del Lavoro, Defendant-Counter-Claimant-Appellee, 38 F.3d 1571 (11th Cir. 1994).

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Dibrell Bros. Int'l S.A., Plaintiff-Counter-Defendant-Appellant v. Banca Nazionale Del Lavoro, Defendant-Counter-Claimant-Appellee, 38 F.3d 1571 (11th Cir. 1994). “Accordingly, the court applied Georgia’s UCC law on letters of credit, O.C.G.A. § 11-5-101 et seq., to determine whether the transactions between Dibrell and BNL constituted confirmations.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.