§12A-5-102.

§12A-5-102.
   
   Definitions.
   
   (a) In this article:
   
   (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;
   
   (2) "Applicant" means a person at whose request or for whose account a
   letter of credit is issued. The term includes a person who requests an
   issuer to issue a letter of credit on behalf of another if the person
   making the request undertakes an obligation to reimburse the issuer;
   
   (3) "Beneficiary" means a person who under the terms of a letter of
   credit is entitled to have its complying presentation honored. The
   term includes a person to whom drawing rights have been transferred
   under a transferable letter of credit;
   
   (4) "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;
   
   (5) "Dishonor" of a letter of credit means failure timely to honor or
   to take an interim action, such as acceptance of a draft, that may be
   required by the letter of credit;
   
   (6) "Document" means a draft or other demand, document of title,
   investment security, certificate, invoice, or other record, statement,
   or representation of fact, law, right, or opinion:
   
   (i) which is presented in a written or other medium permitted by the
   letter of credit or, unless prohibited by the letter of credit, by the
   standard practice referred to in subsection (e) of Section 5-108 of
   this title; and
   
   (ii) which is capable of being examined for compliance with the terms
   and conditions of the letter of credit.
   
   A document may not be oral;
   
   (7) "Good faith" means honesty in fact in the conduct or transaction
   concerned;
   
   (8) "Honor" of a letter of credit means performance of the issuer's
   undertaking in the letter of credit to pay or deliver an item of
   value. Unless the letter of credit otherwise provides, "honor" occurs:
   
   (i) upon payment;
   
   (ii) if the letter of credit provides for acceptance, upon acceptance
   of a draft and, at maturity, its payment; or
   
   (iii) if the letter of credit provides for incurring a deferred
   obligation, upon incurring the obligation and, at maturity, its
   performance;
   
   (9) "Issuer" means a bank or other person that issues a letter of
   credit, but does not include an individual who makes an engagement for
   personal, family, or household purposes;
   
   (10) "Letter of credit" means a definite undertaking that satisfies
   the requirements of Section 5-104 of this title by an issuer to a
   beneficiary at the request or for the account of an applicant or, in
   the case of a financial institution, to itself or for its own account,
   to honor a documentary presentation by payment or delivery of an item
   of value;
   
   (11) "Nominated person" means a person whom the issuer:
   
   (i) designates or authorizes to pay, accept, negotiate, or otherwise
   give value under a letter of credit; and
   
   (ii) undertakes by agreement or custom and practice to reimburse;
   
   (12) "Presentation" means delivery of a document to an issuer or
   nominated person for honor or giving of value under a letter of
   credit;
   
   (13) "Presenter" means a person making a presentation as or on behalf
   of a beneficiary or nominated person;
   
   (14) "Record" means information that is inscribed on a tangible
   medium, or that is stored in an electronic or other medium and is
   retrievable in perceivable form; and
   
   (15) "Successor of a beneficiary" means a person who succeeds to
   substantially all of the rights of a beneficiary by operation of law,
   including a corporation with or into which the beneficiary has been
   merged or consolidated, an administrator, executor, personal
   representative, trustee in bankruptcy, debtor in possession,
   liquidator, and receiver.
   
   (b) Definitions in other articles of this title applying to this
   article and the sections in which they appear are:
   
   "Accept or "Acceptance" Section 3-409.
   
   "Value" Sections 3-303 and 4-2ll.
   
   (c) Article 1 of this title contains certain additional general
   definitions and principles of construction and interpretation
   applicable throughout this article.