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Minnesota Legislature

Office of the Revisor of Statutes

LETTERS OF CREDIT

Acceptance

Defined as honor, Minn. Statutes 2016 336.5-102

Reservation of rights, Minn. Statutes 2016 336.1-308

Advice of credit, Minn. Statutes 2016 336.5-104, 2016 336.5-105

Advisers

Breach of obligations, Minn. Statutes 2016 336.5-111

Defined, Minn. Statutes 2016 336.5-102

Generally, Minn. Statutes 2016 336.5-107

Liability, governing law, Minn. Statutes 2016 336.5-116

Agreements of parties

Damages, liquidation of, Minn. Statutes 2016 336.5-111

Dispute settlement, forum, Minn. Statutes 2016 336.5-116

Formal requirements, Minn. Statutes 2016 336.5-104

Liability, law of jurisdiction, Minn. Statutes 2016 336.5-116

Agricultural and Economic Development Board, authority to obtain, Minn. Statutes 2016 41A.023

Agricultural input providers, producers, rights, Minn. Statutes 2016 17.97

Amendment

Consideration not required, Minn. Statutes 2016 336.5-105

Formal requirements, Minn. Statutes 2016 336.5-104

Rights and obligations after issuance, Minn. Statutes 2016 336.5-106

Successors of a beneficiary, consent to, Minn. Statutes 2016 336.5-113

Applicants

Beneficiaries' warranties, Minn. Statutes 2016 336.5-110

Defined, Minn. Statutes 2016 336.5-102

Recovery, breach of obligations, Minn. Statutes 2016 336.5-111

Rights and obligations after issuance, Minn. Statutes 2016 336.5-106

Subrogation, Minn. Statutes 2016 336.5-117

Aquatic farmers, Minn. Statutes 2016 17.498

Assignments

Generally, Minn. Statutes 2016 336.5-114

Secured transactions, rights, Minn. Statutes 2016 336.9-409

Attachment, alternative to bond, Minn. Statutes 2016 570.041

Attorney fees, wrongful dishonor or breach of obligation lawsuits, Minn. Statutes 2016 336.5-111

Authentication, Minn. Statutes 2016 336.5-104

Ballots, printing contracts, Minn. Statutes 2016 204D.04

Beneficiaries

Advisers, obligations to, Minn. Statutes 2016 336.5-107

Assignments by, Minn. Statutes 2016 336.5-114

Defined, Minn. Statutes 2016 336.5-102

Recovery, wrongful dishonor, Minn. Statutes 2016 336.5-111

Rights and obligations, Minn. Statutes 2016 336.5-106, 2016 336.5-113

Transfer by, Minn. Statutes 2016 336.5-112

Transferee beneficiaries, Minn. Statutes 2016 336.5-107, 2016 336.5-114

Warranties, Minn. Statutes 2016 336.5-110

Branch banks, Minn. Statutes 2016 336.5-116

Breach of contract, failure to furnish, Minn. Statutes 2016 336.2-325

Breach of obligations, damages, Minn. Statutes 2016 336.5-111

Cancellation

Consideration not required, Minn. Statutes 2016 336.5-105

Formal requirements, Minn. Statutes 2016 336.5-104

Rights and obligations after issuance, Minn. Statutes 2016 336.5-106

Commercial Code - Letters of Credit, generally, Minn. Statutes 2016 336.5-101 to 2016 336.5-118

Confirmation

Consideration not required for issuance, amendment, transfer, or cancellation, Minn. Statutes 2016 336.5-105

Formal requirements, Minn. Statutes 2016 336.5-104

Confirmers

Authority to decline presentations, Minn. Statutes 2016 336.5-113

Defined, Minn. Statutes 2016 336.5-102

Demand for honor, Minn. Statutes 2016 336.5-109

Liability, wrongful dishonor or breach of obligations, Minn. Statutes 2016 336.5-111

Rights and obligations, Minn. Statutes 2016 336.5-106, 2016 336.5-107

Conflict of laws

Liability, governing law, Minn. Statutes 2016 336.5-116

Prevailing law, generally, Minn. Statutes 2016 336.1-301

Consideration, not required for issuance, amendment, transfer, or cancellation, Minn. Statutes 2016 336.5-105

Contractors, letters in lieu of performance bond, Minn. Statutes 2016 574.38

Custom and practice, liability, governing law, Minn. Statutes 2016 336.5-116

Damages, Minn. Statutes 2016 336.5-111

Deferred obligations

Assignees, demand for honor, Minn. Statutes 2016 336.5-109

Incurring, Minn. Statutes 2016 336.5-102, 2016 336.5-108

Definitions

Commercial Code, Minn. Statutes 2016 336.2-325, 2016 336.5-102, 2016 336.5-114, 2016 336.9-102

Electronic Authentication Act, Minn. Statutes 2016 325K.01

Detectives, Minn. Statutes 2016 326.3382

Digital signatures, suitable guaranty, recovery based on terms, Minn. Statutes 2016 325K.18

Discriminatory provisions, restraint of trade, Minn. Statutes 2016 325D.53

Dishonor

Basis for, Minn. Statutes 2016 336.5-108

Defined, Minn. Statutes 2016 336.5-102

Issuers' obligations, Minn. Statutes 2016 336.5-108

Wrongful dishonor, damages, Minn. Statutes 2016 336.5-111

Disputes, settlement, choice of forum, Minn. Statutes 2016 336.5-116

Documentary drafts, see under DRAFTS (FINANCIAL)

Documents of title, Minn. Statutes 2016 336.7-509

Documents

Defined, Minn. Statutes 2016 336.5-102

Forged or materially fraudulent required documents, Minn. Statutes 2016 336.5-109, 2016 336.5-113

Oral documents, Minn. Statutes 2016 336.5-102

Drafts

Acceptance, issuers' obligations, Minn. Statutes 2016 336.5-108

Holders in due course, demand for honor, Minn. Statutes 2016 336.5-109

Time, Minn. Statutes 2016 336.5-108

Enforcement, inaccurate advice, effect, Minn. Statutes 2016 336.5-107

Evergreen clause

Insurance company investments, Minn. Statutes 2016 60A.11

Reinsurance, Minn. Statutes 2016 60A.093, 2016 60A.096

Expiration

Dishonor, basis for, Minn. Statutes 2016 336.5-108

Generally, Minn. Statutes 2016 336.5-106

Fishing contests, permit applicants, Minn. Statutes 2016 97C.081

Forgery

Dishonor, basis for, Minn. Statutes 2016 336.5-108

Forged signatures, Minn. Statutes 2016 336.5-108, 2016 336.5-113

Required documents, Minn. Statutes 2016 336.5-109, 2016 336.5-113

Formal requirements, Minn. Statutes 2016 336.5-104

Fraud

Dishonor, basis for, Minn. Statutes 2016 336.5-108

Required documents, Minn. Statutes 2016 336.5-109, 2016 336.5-113

Garnishment, letter in lieu of bond, Minn. Statutes 2016 571.93

Good faith

Defined, Minn. Statutes 2016 336.5-102

Demands for honor, Minn. Statutes 2016 336.5-109

Health maintenance organizations, deposits, Minn. Statutes 2016 62D.041

Higher Education Office, duties, generally, Minn. Statutes 2016 136A.16

Honor

Advisers who are not confirmers, Minn. Statutes 2016 336.5-107

Beneficiaries' warranties, Minn. Statutes 2016 336.5-110

Defined, Minn. Statutes 2016 336.5-102

Forged or materially fraudulent required documents, Minn. Statutes 2016 336.5-109

Issuers' obligations, Minn. Statutes 2016 336.5-108

Nominated persons who are not confirmers, Minn. Statutes 2016 336.5-107

Successors' presentations, Minn. Statutes 2016 336.5-113

Time, Minn. Statutes 2016 336.5-108

Injunctions, issuers' obligation to honor, Minn. Statutes 2016 336.5-109

Interbranch letters of credit, Minn. Statutes 2016 336.5-116

Interest, Minn. Statutes 2016 336.5-111

Irrevocable credit, security in lieu of surety bond, public funds, depositories, Minn. Statutes 2016 118A.03

Irrevocable letters of credit

Defined as suitable guaranty, Minn. Statutes 2016 325K.01

Residential mortgage servicers, Minn. Statutes 2016 58.08

Workers' compensation self-insurance, Minn. Statutes 2016 79A.04, 2016 79A.24

Issuance

Consideration not required, Minn. Statutes 2016 336.5-105

Insurance company investments, Minn. Statutes 2016 60A.11

Issuers, see same under this topic

Rights and obligations after issuance, Minn. Statutes 2016 336.5-106

Standard practices, financial institutions, Minn. Statutes 2016 336.5-104, 2016 336.5-108, 2016 336.5-113

When issuance occurs, Minn. Statutes 2016 336.5-106

Issuers

Advisers, obligations to, Minn. Statutes 2016 336.5-107

Assignments, consent and recognition, Minn. Statutes 2016 336.5-114

Authority to decline presentation, Minn. Statutes 2016 336.5-113

Beneficiaries' warranties, Minn. Statutes 2016 336.5-110

Breach of obligations, Minn. Statutes 2016 336.5-111

Burden of proof, damages avoided, Minn. Statutes 2016 336.5-111

Confirmers, rights and obligations, to and against, Minn. Statutes 2016 336.5-107

Defined, Minn. Statutes 2016 336.5-102

Dishonor, Minn. Statutes 2016 336.5-108, 2016 336.5-109

Generally, Minn. Statutes 2016 336.5-108

Honor, obligations and rights, Minn. Statutes 2016 336.5-108, 2016 336.5-109

Liability, governing law, Minn. Statutes 2016 336.5-116

Notice received, workers' compensation commercial self-insurance groups, default, bankruptcy, or insolvency, Minn. Statutes 2016 79A.25

Recognition of successors to beneficiaries, Minn. Statutes 2016 336.5-113

Refusal to transfer, Minn. Statutes 2016 336.5-112

Rights and obligations, Minn. Statutes 2016 336.5-103, 2016 336.5-106, 2016 336.5-108, 2016 336.5-113

Security interests, Minn. Statutes 2016 336.5-118

Subrogation, Minn. Statutes 2016 336.5-117

Wrongful dishonor, Minn. Statutes 2016 336.5-111

Jurisdiction, Minn. Statutes 2016 336.5-116

Lawsuits

Governing law, Minn. Statutes 2016 336.5-116

Standard practices, judicial interpretation, Minn. Statutes 2016 336.5-108

Statutes of limitations, Minn. Statutes 2016 336.5-115

Letter of credit rights, defined, Minn. Statutes 2016 336.9-102

Liability

Confirmers, wrongful dishonor or breach of obligations, Minn. Statutes 2016 336.5-111

Governing law, Minn. Statutes 2016 336.5-116

Variation by agreement, Minn. Statutes 2016 336.5-103

Membership camping

Amenities, guaranteeing, Minn. Statutes 2016 82A.05

Contracts with blanket encumbrance, Minn. Statutes 2016 82A.14

Hypothecation lenders, Minn. Statutes 2016 82A.14

Money transmitters, license applications, Minn. Statutes 2016 53B.08

Motor vehicle owners, registration tax installments, Minn. Statutes 2016 168.31

Nominated persons

Assignments, consent and recognition, rights, Minn. Statutes 2016 336.5-114

Authority to decline presentation, Minn. Statutes 2016 336.5-113

Breach of obligations, Minn. Statutes 2016 336.5-111

Defined, Minn. Statutes 2016 336.5-102

Demand for honor, Minn. Statutes 2016 336.5-109

Honor, nominated persons who are not confirmers, Minn. Statutes 2016 336.5-107

Liability, governing law, Minn. Statutes 2016 336.5-116

Recovery, wrongful dishonor, Minn. Statutes 2016 336.5-111

Rights and obligations, Minn. Statutes 2016 336.5-107

Security interests, Minn. Statutes 2016 336.5-118

Subrogation, Minn. Statutes 2016 336.5-117

Value given for presentation, nominated persons not confirmers, Minn. Statutes 2016 336.5-107

Nondocumentary conditions, issuers, duty to ignore, Minn. Statutes 2016 336.5-108

Payment instruments, exclusion from definition, money transmitters, Minn. Statutes 2016 53B.03

Payments

Defined as honor, Minn. Statutes 2016 336.5-102

Issuers' right to reimbursement upon honor, Minn. Statutes 2016 336.5-108

Successors of a beneficiary, rights, Minn. Statutes 2016 336.5-113

Perpetual letters of credit, expiration, Minn. Statutes 2016 336.5-106

Presentation

Defined, Minn. Statutes 2016 336.5-102

Discrepancies, notice, Minn. Statutes 2016 336.5-108

Dishonor, Minn. Statutes 2016 336.5-102, 2016 336.5-108, 2016 336.5-111

Honor, see same under this topic

Presenters, defined, Minn. Statutes 2016 336.5-102

Successors of a beneficiary, Minn. Statutes 2016 336.5-113

Value given for, Minn. Statutes 2016 336.5-107

Prior transactions, validation, Minn. Statutes 2016 336.10-102

Proceeds of a letter of credit

Defined, Minn. Statutes 2016 336.5-114

Right to proceeds

Assignment by beneficiaries, Minn. Statutes 2016 336.5-114

Security interests, see same under this topic

Protective agents, Minn. Statutes 2016 326.3382

Public works contractors, Minn. Statutes 2016 574.261

Radioactive materials, licenses, financial assurances, Minn. Statutes 2016 144.1204

Records and record keeping, defined, Minn. Statutes 2016 336.5-102

Reinsurance, Minn. Statutes 2016 60A.093, 2016 60A.096

Remedies

Breach of obligations, Minn. Statutes 2016 336.5-111

Precluded remedies, issuers, Minn. Statutes 2016 336.5-108

Variation by agreement, Minn. Statutes 2016 336.5-103

Wrongful dishonor, Minn. Statutes 2016 336.5-111

Repudiation, claimants' obligations, Minn. Statutes 2016 336.5-111

Revocable letters of credit, Minn. Statutes 2016 336.5-106

Savings banks, issuing, Minn. Statutes 2016 50.1485

Secured parties, credit rights, control, Minn. Statutes 2016 336.9-107, 2016 336.9-208

Security interests

Assignments, Minn. Statutes 2016 336.5-114

Issuers, Minn. Statutes 2016 336.5-118

Nominated persons, Minn. Statutes 2016 336.5-118

Right to proceeds, perfection and priority, Minn. Statutes 2016 336.9-306, 2016 336.9-312, 2016 336.9-314, 2016 336.9-329

Signatures

Forgery, effect on discharge of issuers, Minn. Statutes 2016 336.5-108

Formal requirements, Minn. Statutes 2016 336.5-104

Successors of a beneficiary, Minn. Statutes 2016 336.5-113

Standard practices

Formal requirements, Minn. Statutes 2016 336.5-104

Issuers' obligations, Minn. Statutes 2016 336.5-108

Judicial interpretation, Minn. Statutes 2016 336.5-108

Transfer by operation of law, Minn. Statutes 2016 336.5-113

State Agricultural Society, agreements, Minn. Statutes 2016 37.32

State Lottery

Retailers, Minn. Statutes 2016 349A.06

Vendors, Minn. Statutes 2016 349A.07

Statutes of limitations, lawsuits, Minn. Statutes 2016 336.5-115

Subrogation, issuers, applicants, and nominated persons, Minn. Statutes 2016 336.5-117

Successors of a beneficiary

Defined, Minn. Statutes 2016 336.5-102

Generally, Minn. Statutes 2016 336.5-113

Recovery, wrongful dishonor, Minn. Statutes 2016 336.5-111

Timber purchasers, tax-forfeited lands, Minn. Statutes 2016 282.04

Time, Minn. Statutes 2016 336.5-108

Transfer

Beneficiaries, Minn. Statutes 2016 336.5-114

By operation of law, Minn. Statutes 2016 336.5-113

Consideration not required, Minn. Statutes 2016 336.5-105

Formal requirements, Minn. Statutes 2016 336.5-104

Generally, Minn. Statutes 2016 336.5-112

Warranties, beneficiaries' warranties, Minn. Statutes 2016 336.5-110

Wholesale produce dealers, in lieu of bond, Minn. Statutes 2016 27.041

Workers' compensation self-insurance, Minn. Statutes 2016 79A.04, 2016 79A.14, 2016 79A.15

Workers' compensation self-insurers' security fund, form, Minn. Statutes 2016 79A.14

Wrongful dishonor, damages, Minn. Statutes 2016 336.5-111