Ohio Revised Code

Ohio Rev. Code § 1305.05 (2026)

Issuance, amendment, cancellation, and duration - UCC 5-106

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Effective:

July 1, 1998

Latest Legislation:

House Bill 338 - 122nd General Assembly

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(A) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.

(B) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.

(C) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one year after its stated date of issuance or, if none is stated, after the date on which it is issued.

(D) A letter of credit that states that it is perpetual expires five years after its stated date of issuance or, if none is stated, after the date on which it is issued.

Notes of Decisions

Cited in 5 cases, 1986–2020 · leading case: Mantua Mfg. Co. v. Com. Exch. Bank, 661 N.E.2d 161 (Ohio 1996).

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Mantua Mfg. Co. v. Com. Exch. Bank, 661 N.E.2d 161 (Ohio 1996). · cites it 4× “This conclusion was based on R.C. 1305.05(B), which states 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 and once it is established as regards the beneficiary…”

Luring v. Miami Citizens Nat'l Bank & Trust Co. (In re Val Decker Packing Co.), 61 B.R. 831 (Bankr. S.D. Ohio 1986). · cites it 4× “Ohio Rev. Code Ann. § 1305.05 (A) [U.C.C.”

Fed. Sav. & Loan Ins. Corp. v. Quinn, 711 F. Supp. 366 (N.D. Ohio 1989). · cites it 2× “1987); O.R.C. § 1305.05 (Page’s 1979). Thus, Society properly paid under the letters of credit and the proceeds, the object of this dispute, are properly in the hands of the beneficiaries.”

Mohammad v. Awadallah, 2012-Ohio-3455. “03(A) defines a negotiable instrument, in part, as an unconditional promise to pay a fixed amount of money that (1) is payable to bearer, (2) is payable on demand or at a definite time, and (3) may contain the power to give, maintain, or protect collateral to secure payment.”

Wilson Court 2, L.L.C. v. Suarez, 2020-Ohio-5074. · cites it 2× “{¶35} R.C. §1305.05 states (Statute of Frauds): No action shall be brought whereby to charge the defendant .”

Ohio Rev. Code § 1305.05(A)(2): 1 case

Mohammad v. Awadallah, 2012-Ohio-3455. “03(A) defines a negotiable instrument, in part, as an unconditional promise to pay a fixed amount of money that (1) is payable to bearer, (2) is payable on demand or at a definite time, and (3) may contain the power to give, maintain, or protect collateral to secure payment.”

Ohio Rev. Code § 1305.05(B): 1 case

Mantua Mfg. Co. v. Com. Exch. Bank, 661 N.E.2d 161 (Ohio 1996). “This conclusion was based on R.C. 1305.05(B), which states 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 and once it is established as regards the beneficiary…”

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