{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.5A-102.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.5A-102.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.5A-102.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.5A-102.html"}],"law_id":68166,"edition_id":1,"section_id":68166,"structure_id":14537,"section_number":"8.5A-102","catch_line":"Definitions","history":"1997, c. 343; 2003, c. 353.","full_text":"a\n\nIn this title:1\n\n“Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended.2\n\n“Applicant” means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.3\n\n“Beneficiary” means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit.4\n\n“Confirmer” means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another.5\n\n“Dishonor” of a letter of credit means failure timely to honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit.6\n\n“Document” means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion (i) which is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in § 8.5A-108(e) and (ii) which is capable of being examined for compliance with the terms and conditions of the letter of credit. A document may not be oral.7\n\n“Good faith” means honesty in fact in the conduct or transaction concerned.8\n\n“Honor” of a letter of credit means performance of the issuer’s undertaking in the letter of credit to pay or deliver an item of value. Unless the letter of credit otherwise provides, “honor” occurs:i\n\nupon payment;ii\n\nif the letter of credit provides for acceptance, upon acceptance of a draft and, at maturity, its payment; oriii\n\nif the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance.9\n\n“Issuer” means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes.10\n\n“Letter of credit” means a definite undertaking that satisfies the requirements of § 8.5A-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value.11\n\n“Nominated person” means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and (ii) undertakes by agreement or custom and practice to reimburse.12\n\n“Presentation” means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit.13\n\n“Presenter” means a person making a presentation as or on behalf of a beneficiary or nominated person.14\n\n“Record” means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium and is retrievable in perceivable form.15\n\n“Successor of a beneficiary” means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.b\n\nDefinitions in other titles applying to this title and the sections in which they appear are:\n\t\t\t“Accept” or “Acceptance” — § 8.3A-409.\n\t\t\t“Value” — §§ 8.3A-303 and 8.4A-211.c\n\nTitle 8.1A contains certain additional general definitions and principles of construction and interpretation applicable throughout this title.","order_by":null,"text":{"0":{"id":246726,"text":"In this title:","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"a1"},"1":{"id":246727,"text":"“Adviser” means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended.","type":"section","prefixes":["a","1"],"prefix":"1","entire_prefix":"a1","prefix_anchor":"a1","level":2,"prior_prefix":"a","next_prefix":"a2"},"2":{"id":246728,"text":"“Applicant” means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.","type":"section","prefixes":["a","2"],"prefix":"2","entire_prefix":"a2","prefix_anchor":"a2","level":2,"prior_prefix":"a1","next_prefix":"a3"},"3":{"id":246729,"text":"“Beneficiary” means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit.","type":"section","prefixes":["a","3"],"prefix":"3","entire_prefix":"a3","prefix_anchor":"a3","level":2,"prior_prefix":"a2","next_prefix":"a4"},"4":{"id":246730,"text":"“Confirmer” means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another.","type":"section","prefixes":["a","4"],"prefix":"4","entire_prefix":"a4","prefix_anchor":"a4","level":2,"prior_prefix":"a3","next_prefix":"a5"},"5":{"id":246731,"text":"“Dishonor” of a letter of credit means failure timely to honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit.","type":"section","prefixes":["a","5"],"prefix":"5","entire_prefix":"a5","prefix_anchor":"a5","level":2,"prior_prefix":"a4","next_prefix":"a6"},"6":{"id":246732,"text":"“Document” means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion (i) which is presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in § 8.5A-108(e) and (ii) which is capable of being examined for compliance with the terms and conditions of the letter of credit. A document may not be oral.","type":"section","prefixes":["a","6"],"prefix":"6","entire_prefix":"a6","prefix_anchor":"a6","level":2,"prior_prefix":"a5","next_prefix":"a7"},"7":{"id":246733,"text":"“Good faith” means honesty in fact in the conduct or transaction concerned.","type":"section","prefixes":["a","7"],"prefix":"7","entire_prefix":"a7","prefix_anchor":"a7","level":2,"prior_prefix":"a6","next_prefix":"a8"},"8":{"id":246734,"text":"“Honor” of a letter of credit means performance of the issuer’s undertaking in the letter of credit to pay or deliver an item of value. Unless the letter of credit otherwise provides, “honor” occurs:","type":"section","prefixes":["a","8"],"prefix":"8","entire_prefix":"a8","prefix_anchor":"a8","level":2,"prior_prefix":"a7","next_prefix":"i"},"9":{"id":246735,"text":"upon payment;","type":"section","prefixes":["i"],"prefix":"i","entire_prefix":"i","prefix_anchor":"i","level":1,"prior_prefix":"a8","next_prefix":"iii"},"10":{"id":246736,"text":"if the letter of credit provides for acceptance, upon acceptance of a draft and, at maturity, its payment; or","type":"section","prefixes":["i","ii"],"prefix":"ii","entire_prefix":"iii","prefix_anchor":"iii","level":2,"prior_prefix":"i","next_prefix":"iiii"},"11":{"id":246737,"text":"if the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance.","type":"section","prefixes":["i","iii"],"prefix":"iii","entire_prefix":"iiii","prefix_anchor":"iiii","level":2,"prior_prefix":"iii","next_prefix":"i9"},"12":{"id":246738,"text":"“Issuer” means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes.","type":"section","prefixes":["i","9"],"prefix":"9","entire_prefix":"i9","prefix_anchor":"i9","level":2,"prior_prefix":"iiii","next_prefix":"i10"},"13":{"id":246739,"text":"“Letter of credit” means a definite undertaking that satisfies the requirements of § 8.5A-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value.","type":"section","prefixes":["i","10"],"prefix":"10","entire_prefix":"i10","prefix_anchor":"i10","level":2,"prior_prefix":"i9","next_prefix":"i11"},"14":{"id":246740,"text":"“Nominated person” means a person whom the issuer (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit and (ii) undertakes by agreement or custom and practice to reimburse.","type":"section","prefixes":["i","11"],"prefix":"11","entire_prefix":"i11","prefix_anchor":"i11","level":2,"prior_prefix":"i10","next_prefix":"i12"},"15":{"id":246741,"text":"“Presentation” means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit.","type":"section","prefixes":["i","12"],"prefix":"12","entire_prefix":"i12","prefix_anchor":"i12","level":2,"prior_prefix":"i11","next_prefix":"i13"},"16":{"id":246742,"text":"“Presenter” means a person making a presentation as or on behalf of a beneficiary or nominated person.","type":"section","prefixes":["i","13"],"prefix":"13","entire_prefix":"i13","prefix_anchor":"i13","level":2,"prior_prefix":"i12","next_prefix":"i14"},"17":{"id":246743,"text":"“Record” means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium and is retrievable in perceivable form.","type":"section","prefixes":["i","14"],"prefix":"14","entire_prefix":"i14","prefix_anchor":"i14","level":2,"prior_prefix":"i13","next_prefix":"i15"},"18":{"id":246744,"text":"“Successor of a beneficiary” means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy, debtor in possession, liquidator, and receiver.","type":"section","prefixes":["i","15"],"prefix":"15","entire_prefix":"i15","prefix_anchor":"i15","level":2,"prior_prefix":"i14","next_prefix":"b"},"19":{"id":246745,"text":"Definitions in other titles applying to this title and the sections in which they appear are:\n\t\t\t“Accept” or “Acceptance” — § 8.3A-409.\n\t\t\t“Value” — §§ 8.3A-303 and 8.4A-211.","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"i15","next_prefix":"c"},"20":{"id":246746,"text":"Title 8.1A contains certain additional general definitions and principles of construction and interpretation applicable throughout this title.","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b"}},"ancestry":[{"id":14537,"edition_id":1,"name":"Uniform Commercial Code \u2014 Letters of 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This law was first created in 1997. The record of its establishment is cataloged in chapter 343<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2003, chapter 353<\/a>.<\/p>","references":[{"id":59884,"section_number":"8.5A-103","catch_line":"Scope","order_by":null,"url":"\/8.5A-103\/"},{"id":84859,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","order_by":null,"url":"\/8.5A-108\/"},{"id":58431,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","order_by":null,"url":"\/8.9A-102\/"}],"refers_to":[{"id":57109,"section_number":"8.3A-303","catch_line":"Value and consideration","order_by":null,"url":"\/8.3A-303\/"},{"id":74394,"section_number":"8.3A-409","catch_line":"Acceptance of draft; certified check","order_by":null,"url":"\/8.3A-409\/"},{"id":62564,"section_number":"8.5A-104","catch_line":"Formal requirements","order_by":null,"url":"\/8.5A-104\/"},{"id":84859,"section_number":"8.5A-108","catch_line":"Issuer's rights and obligations","order_by":null,"url":"\/8.5A-108\/"}],"permalink":{"id":283357,"object_type":"law","relational_id":68166,"identifier":"8.5A-102","token":"8.5A\/8.5A-102","url":"\/8.5A-102\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.5A-102\/","token":"8.5A\/8.5A-102","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.5A-102","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> In this title: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> “Adviser<\/span>” means a person who, at the request of the issuer<\/span>, a confirmer<\/span>, or another adviser<\/span>, notifies or requests another adviser<\/span> to notify the beneficiary<\/span> that a letter of credit<\/span> has been issued, confirmed, or amended. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> “Applicant<\/span>” means a person at whose request or for whose account a letter of credit<\/span> is issued. The term includes a person who requests an issuer<\/span> to issue<\/span> a letter of credit<\/span> on behalf of another if the person making the request undertakes an obligation to reimburse the issuer<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> “Beneficiary<\/span>” means a person who under the terms of a letter of credit<\/span> is entitled to have its complying presentation<\/span> honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> “Confirmer<\/span>” means a nominated person<\/span> who undertakes, at the request or with the consent of the issuer<\/span>, to honor<\/span> a presentation<\/span> under a letter of credit<\/span> issued by another. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> “Dishonor<\/span>” of a letter of credit<\/span> means failure timely to honor<\/span> or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> “Document<\/span>” means a draft or other demand, document<\/span> of title, investment security, certificate, invoice, or other record<\/span>, statement, or representation of fact<\/span>, law<\/span>, right, or opinion<\/span> (i) which is presented in a written or other medium permitted by the letter of credit<\/span> or, unless prohibited by the letter of credit<\/span>, by the standard practice referred to in § 8.5A-108<\/a>(e) and (ii) which is capable of being examined for compliance with the terms and conditions of the letter of credit<\/span>. A document<\/span> may not be oral. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> “Good faith<\/span>” means honesty in fact<\/span> in the conduct or transaction concerned. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> “Honor<\/span>” of a letter of credit<\/span> means performance of the issuer<\/span>’s undertaking in the letter of credit<\/span> to pay or deliver an item of value. Unless the letter of credit<\/span> otherwise provides, “honor<\/span>” occurs: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

i.<\/span> upon payment; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

ii.<\/span> if the letter of credit<\/span> provides for acceptance, upon acceptance of a draft and, at maturity, its payment; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

iii.<\/span> if the letter of credit<\/span> provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> “Issuer<\/span>” means a bank or other person that issues<\/span> a letter of credit<\/span>, but does not include an individual who makes an engagement for personal, family, or household purposes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> “Letter of credit<\/span>” means a definite undertaking that satisfies the requirements of § 8.5A-104<\/a> by an issuer<\/span> to a beneficiary<\/span> at the request or for the account of an applicant<\/span> or, in the case of a financial institution, to itself or for its own account, to honor<\/span> a documentary presentation<\/span> by payment or delivery of an item of value. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> “Nominated person<\/span>” means a person whom the issuer<\/span> (i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit<\/span> and (ii) undertakes by agreement or custom and practice to reimburse. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> “Presentation<\/span>” means delivery of a document<\/span> to an issuer<\/span> or nominated person<\/span> for honor<\/span> or giving of value under a letter of credit<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> “Presenter<\/span>” means a person making a presentation<\/span> as or on behalf of a beneficiary<\/span> or nominated person<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

14.<\/span> “Record<\/span>” means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium and is retrievable in perceivable form. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

15.<\/span> “Successor of a beneficiary<\/span>” means a person who succeeds to substantially all of the rights of a beneficiary by operation of law<\/span>, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, executor, personal representative, trustee in bankruptcy<\/span>, debtor in possession<\/span>, liquidator, and receiver. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Definitions in other titles applying to this title and the sections in which they appear are:\n\t\t\t“Accept” or “Acceptance” — § 8.3A-409<\/a>.\n\t\t\t“Value” — §§ 8.3A-303<\/a> and 8.4A-211<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> Title 8.1A contains certain additional general definitions and principles of construction and interpretation applicable throughout this title. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 8.5A-102)\n\na. In this title:\n\n 1. “Adviser” means a person who, at the request of the issuer, a\n confirmer, or another adviser, notifies or requests another adviser to notify\n the beneficiary that a letter of credit has been issued, confirmed, or\n amended.\n\n 2. “Applicant” means a person at whose request or for whose\n account a letter of credit is issued. The term includes a person who requests\n an issuer to issue a letter of credit on behalf of another if the person\n making the request undertakes an obligation to reimburse the issuer.\n\n 3. “Beneficiary” means a person who under the terms of a letter of\n credit is entitled to have its complying presentation honored. The term\n includes a person to whom drawing rights have been transferred under a\n transferable letter of credit.\n\n 4. “Confirmer” means a nominated person who undertakes, at the\n request or with the consent of the issuer, to honor a presentation under a\n letter of credit issued by another.\n\n 5. “Dishonor” of a letter of credit means failure timely to honor\n or to take an interim action, such as acceptance of a draft, that may be\n required by the letter of credit.\n\n 6. “Document” means a draft or other demand, document of title,\n investment security, certificate, invoice, or other record, statement, or\n representation of fact, law, right, or opinion (i) which is presented in a\n written or other medium permitted by the letter of credit or, unless\n prohibited by the letter of credit, by the standard practice referred to in\n § 8.5A-108(e) and (ii) which is capable of being examined for compliance\n with the terms and conditions of the letter of credit. A document may not be\n oral.\n\n 7. “Good faith” means honesty in fact in the conduct or\n transaction concerned.\n\n 8. “Honor” of a letter of credit means performance of the\n issuer’s undertaking in the letter of credit to pay or deliver an item\n of value. Unless the letter of credit otherwise provides, “honor”\n occurs:\n\ni. upon payment;\n\n ii. if the letter of credit provides for acceptance, upon acceptance of a\n draft and, at maturity, its payment; or\n\n iii. if the letter of credit provides for incurring a deferred obligation,\n upon incurring the obligation and, at maturity, its performance.\n\n 9. “Issuer” means a bank or other person that issues a letter of\n credit, but does not include an individual who makes an engagement for\n personal, family, or household purposes.\n\n 10. “Letter of credit” means a definite undertaking that satisfies\n the requirements of § 8.5A-104 by an issuer to a beneficiary at the\n request or for the account of an applicant or, in the case of a financial\n institution, to itself or for its own account, to honor a documentary\n presentation by payment or delivery of an item of value.\n\n 11. “Nominated person” means a person whom the issuer (i)\n designates or authorizes to pay, accept, negotiate, or otherwise give value\n under a letter of credit and (ii) undertakes by agreement or custom and\n practice to reimburse.\n\n 12. “Presentation” means delivery of a document to an issuer or\n nominated person for honor or giving of value under a letter of credit.\n\n 13. “Presenter” means a person making a presentation as or on\n behalf of a beneficiary or nominated person.\n\n 14. “Record” means information that is inscribed on a tangible\n medium, or that is stored in an electronic or other medium and is retrievable\n in perceivable form.\n\n 15. “Successor of a beneficiary” means a person who succeeds to\n substantially all of the rights of a beneficiary by operation of law,\n including a corporation with or into which the beneficiary has been merged or\n consolidated, an administrator, executor, personal representative, trustee in\n bankruptcy, debtor in possession, liquidator, and receiver.\n\nb. Definitions in other titles applying to this title and the sections in which\nthey appear are:\n\t\t\t“Accept” or “Acceptance” — § 8.3A-409.\n\t\t\t“Value” — §§ 8.3A-303 and 8.4A-211.\n\nc. Title 8.1A contains certain additional general definitions and principles of\nconstruction and interpretation applicable throughout this title.\n\nHISTORY: 1997, c. 343; 2003, c. 353.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}