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Georgia State Code
Title      11
Chapter       5  
Section Navigation      101 ... 110       111 ... 118     
Section101 102 103 104 105 106 107 108 109 110 >>>  
Title 11, Chapter 5, Section 110 (11-5-110)
Availability of credit in portions; presenter's reservation of lien or claim.

(1) Unless otherwise specified a credit may be used in portions in the discretion of the beneficiary.

(2) Unless otherwise specified a person by presenting a documentary draft or demand for payment under a credit relinquishes upon its honor all claims to the documents and a person by transferring such draft or demand or causing such presentment authorizes such relinquishment. An explicit reservation of claim makes the draft or demand noncomplying.

Defined terms referenced in this section:
Sunday May 24 00:27 EDT


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