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O.C.G.A. § 11-5-105 — Consideration | Georgia Code

O.C.G.A. § 11-5-105 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 11 COMMERCIAL CODE

Section 5. Letters of Credit, 11-5-101 through 11-5-118.

ARTICLE 5 LETTERS OF CREDIT

11-5-105. Consideration.

Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.

(Code 1981, §11-5-105, enacted by Ga. L. 2002, p. 995, § 1.)

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarity of the provisions, decisions under former Article 5 are included in the annotations for this Code section.

Cited in Barclays Bank v. Mercantile Nat'l Bank, 481 F.2d 1224 (5th Cir. 1973).

RESEARCH REFERENCES

Am. Jur. 2d.

- 50 Am. Jur. 2d, Letters of Credit, and Credit Cards, § 16.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 5-105.

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This Georgia Code resource is curated by Graham W. Syfert, Esq., a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.