- Alaska Statutes.
- Title 45. Trade and Commerce
- Chapter 5. Letters of Credit
- Section 106. Issuance, Amendment, Cancellation, and Duration.
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. Confirmer, Nominated Person, and Adviser.
AS 45.05.106. Issuance, Amendment, Cancellation, and Duration.
- (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 provides that it is revocable.
- (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 the beneficiary, applicant, confirmer, or issuer has not consented,
except to the extent the letter of credit provides that the letter of credit is revocable or that the issuer may amend
or cancel the letter of credit without the consent.
- (c) If there is no stated expiration date or other provision that determines the letter of credit's duration, a letter of
credit expires one year after its stated date of issuance or, if a date of issuance is not stated, after the date on
which the letter of credit is issued.
- (d) A letter of credit that states that it is perpetual expires five years after its stated date of issuance or, if a date
of issuance is not stated, after the date on which the letter of credit is issued.
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