United States — Louisiana Statutes

RS 10:4A-502

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The section says how creditor process affects payment orders and what a beneficiary's bank may do with credited funds.

• Bank account enforcement
• Creditor process
• Funds transfer
• Payment orders
• Setoff

RS 10:4A-503

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A court may restrain certain funds-transfer actions if there is proper cause and the restraint complies with applicable law.

• Banking
• Payments

RS 10:4A-504

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A receiving bank may charge the sender’s account in any order when it has multiple payment orders or payment orders plus other items payable from that account.

• Account charging
• Payment orders
• Withdrawals

RS 10:4A-505

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A customer who gets notice of a payment order generally must object to the bank within one year, or the customer is barred from claiming the bank may not keep the payment.

• Bank accounts
• Payments

RS 10:4A-506

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This section sets how interest payable on a payment order is determined and calculated, including special rules when a funds transfer is not completed.

• Funds transfer
• Interest calculation
• Payment orders

RS 10:4A-507

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This section says which jurisdiction’s law governs certain funds-transfer relationships, unless the parties agree otherwise or a system rule applies.

• Choice of law
• Funds transfers
• Payment orders

RS 10:5-101

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This chapter is known as Uniform Commercial Code -- Letters of Credit, and it may be cited by that name.

RS 10:5-102

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This section defines terms used in the chapter on letters of credit.

• Definitions
• Letter of credit

RS 10:5-103

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This section says the chapter applies to letters of credit and related rights and obligations, and it limits when the chapter’s rules can be changed by agreement.

• Letters of credit

RS 10:5-104

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A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.

• Formal requirements
• Letters of credit

RS 10:5-105

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

• Letters of credit

RS 10:5-106

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This section says when a letter of credit becomes enforceable, when it can be revoked, how amendments or cancellations affect parties, and when it expires.

• Letters of credit

RS 10:5-107

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A confirmor takes on issuer-like rights and obligations for its confirmation; a requested adviser may decline; advisers must accurately advise and check the apparent authenticity of advice requests.

• Advice
• Confirmation
• Letter of credit
• Transfer

RS 10:5-108

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An issuer must honor compliant presentations, dishonor noncompliant ones, follow standard banking practice, and handle notices and documents within specified time limits.

• Banking
• Documentary compliance
• Payment

RS 10:5-109

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This section requires the issuer to honor a complying letter-of-credit presentation in specified fraud-related cases, and lets the issuer act in good faith otherwise. It also lets a court stop payment or grant similar relief if the stated fraud findings are met.

• Forgery
• Fraud
• Letters of credit

RS 10:5-110

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If presentation is honored, the beneficiary must warrant no fraud or forgery and no violation of the applicant-beneficiary agreement.

• Letters of credit
• Warranties

RS 10:5-111

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This section sets the remedies and damages rules for letter-of-credit breaches, including recovery, limits on damages, interest, and attorney fees.

• Damages
• Letters of credit
• Litigation costs

RS 10:5-112

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A beneficiary generally may not transfer the right to draw or demand performance under a letter of credit unless the letter says it is transferable.

• Letter of credit transfer

RS 10:5-113

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A successor beneficiary may act in place of the beneficiary, and the issuer must recognize a disclosed successor if the stated requirements are met.

• Letters of credit
• Transfer by operation of law

RS 10:5-114

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A beneficiary may assign proceeds of a letter of credit, but the issuer or nominated person does not have to recognize the assignment until it consents.

• Assignment of proceeds
• Letters of credit