Maine Revised Statutes > Title 11 > Article 5-A – Letters of Credit


§ 5-1101	Short title
§ 5-1102	Definitions
§ 5-1103	Scope
§ 5-1104	Formal requirements
§ 5-1105	Consideration
§ 5-1106	Issuance, amendment, cancellation and duration
§ 5-1107	Confirmer, nominated person and adviser
§ 5-1108	Issuer’s rights and obligations
§ 5-1109	Fraud and forgery
§ 5-1110	Warranties
§ 5-1111	Remedies
§ 5-1112	Transfer of letter of credit
§ 5-1113	Transfer by operation of law
§ 5-1114	Assignment of proceeds
§ 5-1115	Statute of limitations
§ 5-1116	Choice of law and forum
§ 5-1117	Subrogation of issuer, applicant and nominated person
§ 5-1118	Security interest of issuer or nominated person

Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Maine Revised Statutes > Title 11 > Article 5-A - Letters of Credit

Academic programming agreement: means an agreement between an interim program and a responsible school through which the responsible school agrees to accept the academic programming, credits and documentation of achievement of standards completed by a student in the interim program. See Maine Revised Statutes Title 20-A Sec. 5161
Adult education: means education programs primarily operated for individuals beyond the compulsory school ages and administered by school administrative units. See Maine Revised Statutes Title 20-A Sec. 1
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. See Maine Revised Statutes Title 11 Sec. 5-1102
Alternative education program: means a program in which the primary purpose is to provide at-risk students with curricula and assessment in a setting designed to effectively meet the student's academic, social and relational needs. See Maine Revised Statutes Title 20-A Sec. 1
Alternative learning: means an educational option that a public school or publicly supported program offers at-risk students by offering some combination of the following: alternative education programs; small class size; flexible scheduling; relevant alternative curricula and assessment; mentoring adults; skilled teachers; a focus on social, emotional and relationship skills; collaboration among home, school and social service agencies; and any other measures designed to accommodate the needs of at-risk students. See Maine Revised Statutes Title 20-A Sec. 1
Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
Applicant: means a person at whose request or for whose account a letter of credit is issued. See Maine Revised Statutes Title 11 Sec. 5-1102
Area of sales responsibility: means the geographical area agreed to by the dealer and the manufacturer in the dealer agreement within which the dealer has the exclusive right to display the manufacturer's new recreational vehicles of a particular line make to the retail public. See Maine Revised Statutes Title 10 Sec. 1432
Automotive product: shall mean any product sold or distributed by a retailer for use with a motor vehicle, whether or not such product is essential for the maintenance of the motor vehicle and whether or not such product is also used for non-automotive purposes;

[PL 1975, c. See Maine Revised Statutes Title 10 Sec. 1453

Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.

Beneficiary: means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. See Maine Revised Statutes Title 11 Sec. 5-1102

Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}

Blend stock: means ethanol, methanol or any other products blended with gasoline to produce motor fuel. See Maine Revised Statutes Title 10 Sec. 1453

Blender: means any person who blends blend stock with gasoline or who sells or distributes blend stock for the purpose of being blended with gasoline. See Maine Revised Statutes Title 10 Sec. 1453

Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1

Community provider: means a governmental or nongovernmental entity that provides services to students or families, including but not limited to temporary and permanent housing, case management, immigration and language services and social, behavioral health, occupational training and legal services. See Maine Revised Statutes Title 20-A Sec. 5161

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. See Maine Revised Statutes Title 11 Sec. 5-1102

Consignment: means a written or oral agreement between a franchisor and a franchisee whereby the franchisor maintains ownership of motor fuel provided to the franchisee and the franchisee sells the motor fuel on behalf of the franchisor at a price determined by the franchisor. See Maine Revised Statutes Title 10 Sec. 1453

Dealer: means a person, firm, corporation or business entity licensed or required to be licensed under Title 29?A, including a recreational vehicle dealer to whom a dealer agreement is offered or granted. See Maine Revised Statutes Title 10 Sec. 1432

Dealer agreement: means an oral or written arrangement for a definite or indefinite period in which a manufacturer, distributor or wholesaler grants to a recreational vehicle dealer a license to use a trade name, service mark or related characteristic and in which there is a community of interest in the marketing of recreational vehicles or services related to recreational vehicles at wholesale, retail or leasing. See Maine Revised Statutes Title 10 Sec. 1432

Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1

Department of Education diploma: means a diploma awarded under section 257?A. See Maine Revised Statutes Title 20-A Sec. 5161

Deposit in advance: shall mean any deposit, regardless of its purported purpose, which is received by a distributor or refiner from a retail dealer or distributor as a breakage, security or other similar deposit;