Oregon Code § 75.1060·Enacted ·Last updated March 01, 2026
Statute Text
Issuance, amendment, cancellation and duration.
(1) A letter of credit is issued
and becomes enforceable according to its terms against the issuer when the
issuer sends or otherwise transmits it to the person requested to advise or to
the beneficiary. A letter of credit is revocable only if it so provides.
(2) After a
letter of credit is issued, rights and obligations of a beneficiary, applicant,
confirmer and issuer are not affected by an amendment or cancellation to which
that person has not consented except to the extent the letter of credit
provides that it is revocable or that the issuer may amend or cancel the letter
of credit without that consent.
(3) If there is
no stated expiration date or other provision that determines its duration, a
letter of credit expires one year after its stated date of issuance or, if none
is stated, one year after the date on which it is issued.
(4) A letter of
credit that states that it is perpetual expires five years after its stated
date of issuance, or if none is stated, five years after the date on which it
is issued. [1961 c.726 §75.1060; 1997 c.150 §9]
Plain English Explanation
This Oregon statute addresses Issuance, amendment, cancellation and duration. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 75.1060
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Issuance, amendment, cancellation and duration. Read the full statute text above for details.
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The formal citation is Oregon Code § 75.1060. Use this format in legal documents and court filings.
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