{"data":{"id":"us-ok/okla.-stat.-tit.-12a-12a-5-102","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 12A, § 12A-5-102","heading":"Definitions","body":"Definitions.\n\n(a) In this article:\n\n(1) \"Adviser\" means a person who, at the request of the\n\nissuer, a confirmer, or another adviser, notifies or\n\nrequests another adviser to notify the beneficiary\n\nthat a letter of credit has been issued, confirmed, or\n\namended;\n\n(2) \"Applicant\" means a person at whose request or for\n\nwhose account a letter of credit is issued. The term\n\nincludes a person who requests an issuer to issue a\n\nletter of credit on behalf of another if the person\n\nmaking the request undertakes an obligation to\n\nreimburse the issuer;\n\n(3) \"Beneficiary\" means a person who under the terms of a\n\nletter of credit is entitled to have its complying\n\npresentation honored. The term includes a person to\n\nwhom drawing rights have been transferred under a\n\ntransferable letter of credit;\n\n(4) \"Confirmer\" means a nominated person who undertakes,\n\nat the request or with the consent of the issuer, to\n\nhonor a presentation under a letter of credit issued\n\nby another;\n\n(5) \"Dishonor\" of a letter of credit means failure timely\n\nto honor or to take an interim action, such as\n\nacceptance of a draft, that may be required by the\n\nletter of credit;\n\n(6) \"Document\" means a draft or other demand, document of\n\ntitle, investment security, certificate, invoice, or\n\nother record, statement, or representation of fact,\n\nlaw, right, or opinion:\n\n(i) which is presented in a written or other medium\n\npermitted by the letter of credit or, unless\n\nprohibited by the letter of credit, by the\n\nstandard practice referred to in subsection (e)\n\nof Section 5-108 of this title; and\n\n(ii) which is capable of being examined for compliance\n\nwith the terms and conditions of the letter of\n\ncredit.\n\nA document may not be oral;\n\n(7) \"Good faith\" means honesty in fact in the conduct or\n\ntransaction concerned;\n\n(8) \"Honor\" of a letter of credit means performance of the\n\nissuer's undertaking in the letter of credit to pay or\n\ndeliver an item of value. Unless the letter of credit\n\notherwise provides, \"honor\" occurs:\n\n(i) upon payment;\n\n(ii) if the letter of credit provides for acceptance,\n\nupon acceptance of a draft and, at maturity, its\n\npayment; or\n\n(iii) if the letter of credit provides for incurring a\n\ndeferred obligation, upon incurring the\n\nobligation and, at maturity, its performance;\n\n(9) \"Issuer\" means a bank or other person that issues a\n\nletter of credit, but does not include an individual\n\nwho makes an engagement for personal, family, or\n\nhousehold purposes;\n\n(10) \"Letter of credit\" means a definite undertaking that\n\nsatisfies the requirements of Section 5-104 of this\n\ntitle by an issuer to a beneficiary at the request or\n\nfor the account of an applicant or, in the case of a\n\nfinancial institution, to itself or for its own\n\naccount, to honor a documentary presentation by\n\npayment or delivery of an item of value;\n\n(11) \"Nominated person\" means a person whom the issuer:\n\n(i) designates or authorizes to pay, accept,\n\nnegotiate, or otherwise give value under a letter\n\nof credit; and\n\n(ii) undertakes by agreement or custom and practice to\n\nreimburse;\n\n(12) \"Presentation\" means delivery of a document to an\n\nissuer or nominated person for honor or giving of\n\nvalue under a letter of credit;\n\n(13) \"Presenter\" means a person making a presentation as or\n\non behalf of a beneficiary or nominated person;\n\n(14) \"Record\" means information that is inscribed on a\n\ntangible medium, or that is stored in an electronic or\n\nother medium and is retrievable in perceivable form;\n\nand\n\n(15) \"Successor of a beneficiary\" means a person who\n\nsucceeds to substantially all of the rights of a\n\nbeneficiary by operation of law, including a\n\ncorporation with or into which the beneficiary has\n\nbeen merged or consolidated, an administrator,\n\nexecutor, personal representative, trustee in\n\nbankruptcy, debtor in possession, liquidator, and\n\nreceiver.\neneficiary\" means a person who\n\nsucceeds to substantially all of the rights of a\n\nbeneficiary by operation of law, including a\n\ncorporation with or into which the beneficiary has\n\nbeen merged or consolidated, an administrator,\n\nexecutor, personal representative, trustee in\n\nbankruptcy, debtor in possession, liquidator, and\n\nreceiver.\n\n(b) Definitions in other articles of this title applying to\n\nthis article and the sections in which they appear are:\n\n\"Accept or \"Acceptance\" Section 3-409.\n\n\"Value\" Sections 3-303 and 4-2ll.\n\n(c) Article 1 of this title contains certain additional general\n\ndefinitions and principles of construction and interpretation\n\napplicable throughout this article.","path":["OK Code","Title 12A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os12A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bfa3a0b1fbfdd4ac94a05525c46829a3d0c904210098228594c96fd4a5b54938","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-12a-12a-5-101","next":"us-ok/okla.-stat.-tit.-12a-12a-5-103"},"notice":"GroundRules: Original legal text. Not legal advice."}