{"id":5928,"date":"2022-05-23T18:04:01","date_gmt":"2022-05-23T18:04:01","guid":{"rendered":"https:\/\/crowdsourcelawyers.com\/california-statutes\/?page_id=5928"},"modified":"2022-05-24T16:34:16","modified_gmt":"2022-05-24T16:34:16","slug":"commercial-code-com-5114","status":"publish","type":"page","link":"https:\/\/crowdsourcelawyers.com\/california-statutes\/california-statutes\/commercial-code-com-5114\/","title":{"rendered":"Commercial Code &#8211; COM 5114"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-l3j1ehbq-5c17c1c9d64ece796bcc8254d57a1f6e\">\n#top .av-special-heading.av-l3j1ehbq-5c17c1c9d64ece796bcc8254d57a1f6e{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-l3j1ehbq-5c17c1c9d64ece796bcc8254d57a1f6e .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-l3j1ehbq-5c17c1c9d64ece796bcc8254d57a1f6e .av-subheading{\nfont-size:22px;\n}\n<\/style>\n<div  class='av-special-heading av-l3j1ehbq-5c17c1c9d64ece796bcc8254d57a1f6e av-special-heading-h1 blockquote modern-quote  avia-builder-el-0  el_before_av_hr  avia-builder-el-first '><div class='av-subheading av-subheading_above'><p>California<\/p>\n<\/div><h1 class='av-special-heading-tag '  itemprop=\"headline\"  >Commercial Code &#8211; COM \u00a7 5114<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-1  el_after_av_heading  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-av_textblock-e878f05c31dff72941bf1e49a00d9ff5 '   itemscope=\"itemscope\" 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#searchsubmit{\nbackground-color:#edae44;\n}\n#top .avia_search_element.av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad .av_searchsubmit_wrapper{\nbackground-color:#edae44;\n}\n<\/style>\n<div  class='avia_search_element av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad  avia-builder-el-3  el_after_av_textblock  el_before_av_hr '><search><form action='https:\/\/crowdsourcelawyers.com\/california-statutes\/' id='searchform_element' method='get' class='' data-element_id='av-avia_sc_search-4ee94ae86cde3b232e718bb4ac84e6ad' ><div class='av_searchform_wrapper'><input type='search' value='' id='s' name='s' placeholder='Search CA statutes' aria-label='Search CA statutes' class='av-input-field ' required \/><div class='av_searchsubmit_wrapper '><input type='submit' value='Find' id='searchsubmit' class='button ' title='View results on search page' aria-label='View results on search page' \/><\/div><input type='hidden' name='numberposts' value='10' \/><input type='hidden' name='results_hide_fields' value='' \/><\/div><\/form><\/search><\/div>\n\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-av_hr-3a876428eececa9d35452247ddb053af\">\n#top .hr.hr-invisible.av-av_hr-3a876428eececa9d35452247ddb053af{\nheight:50px;\n}\n<\/style>\n<div  class='hr av-av_hr-3a876428eececa9d35452247ddb053af hr-invisible  avia-builder-el-4  el_after_avia_sc_search  el_before_av_textblock '><span class='hr-inner '><span class=\"hr-inner-style\"><\/span><\/span><\/div>\n<section  class='av_textblock_section av-l3j1f6li-52a7a62e22a53abc2f8d90c04638ba99 '   itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/CreativeWork\" ><div class='avia_textblock'  itemprop=\"text\" ><div class=\"row\">\n<div class=\"subsection\">(a)\u2002In this section, \u201c<span class=\"wordphrase\">proceeds of a letter of credit<\/span>\u201d means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. \u2002The term does not include a beneficiary&#8217;s drawing rights or documents presented by the beneficiary.<\/div>\n<div class=\"subsection\">\n<div class=\"subsection\">\n<p>(b)\u2002A beneficiary may assign its right to part or all of the proceeds of a letter of credit. \u2002The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(c)\u2002An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(d)\u2002An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(e)\u2002Rights of a transferee beneficiary or nominated person are independent of the beneficiary&#8217;s assignment of the proceeds of a letter of credit and are superior to the assignee&#8217;s right to the proceeds.<\/p>\n<\/div>\n<div class=\"subsection\">\n<p>(f)\u2002Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary, or nominated person nor the issuer&#8217;s or nominated person&#8217;s payment of proceeds to an assignee or third person affect the rights between the assignee and any person other than the issuer, transferee beneficiary, or nominated person. \u2002The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary&#8217;s rights to proceeds is governed by Division 9 (commencing with\u00a0<span class=\"cite\">Section 9101\u00a0<\/span>) or other law. \u2002Against persons other than the issuer, transferee beneficiary, or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary&#8217;s right to proceeds and its perfection are governed by Division 9 (commencing with\u00a0<span class=\"cite\">Section 9101\u00a0<\/span>) or other law.<\/p>\n<\/div>\n<p><br class=\"avia-permanent-lb\" \/><br class=\"avia-permanent-lb\" \/><\/p>\n<\/div>\n<\/div>\n<hr \/>\n<p><a href=\"https:\/\/crowdsourcelawyers.com\/\">CrowdSourceLawyers.com<\/a><\/p>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":9,"featured_media":0,"parent":2019,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5928","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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