554.5106 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 tothe 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 personhas not consented except to the extent the letter of credit provides that it is revocable or thatthe 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, after thedate 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, after the date on which it is issued. [C66, 71, 73, 75, 77, 79, 81, §554.5106]96 Acts, ch 1026, §5, 28Referred to in §554.5103 Sat Dec 23 01:57:36 2023 Iowa Code 2024, Section or, if none is stated, after the date on which it is issued. [C66, 71, 73, 75, 77, 79, 81, §554.5106]96 Acts, ch 1026, §5, 28Referred to in §554.5103 Sat Dec 23 01:57:36 2023 Iowa Code 2024, Section 554.5106 (24, 0)
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