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1998 Florida Statutes
SECTION 110
Availability of credit in portions; presenter's reservation of lien or claim.
Availability of credit in portions; presenter's reservation of lien or claim.
675.110 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.
History.--s. 1, ch. 65-254.
Note.--s. 5-110, U.C.C.