30-5-103. Definitions. (1) In this chapter unless the context otherwise requires:
     (a) "Credit" or "letter of credit" means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this chapter (30-5-102) that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable. The engagement may be either an agreement to honor or a statement that the bank or other person is authorized to honor.
     (b) A "documentary draft" or a "documentary demand for payment" is one honor of which is conditioned upon the presentation of a document or documents. "Document" means any paper including document of title, security, invoice, certificate, notice of default and the like.
     (c) An "issuer" is a bank or other person issuing a credit.
     (d) A "beneficiary" of a credit is a person who is entitled under its terms to draw or demand payment.
     (e) An "advising bank" is a bank which gives notification of the issuance of a credit by another bank.
     (f) A "confirming bank" is a bank which engages either that it will itself honor a credit already issued by another bank or that such a credit will be honored by the issuer or a third bank.
     (g) A "customer" is a buyer or other person who causes an issuer to issue a credit. The term also includes a bank which procures issuance or confirmation on behalf of that bank's customer.
     (2) Other definitions applying to this chapter and the sections in which they appear are:
     "Notation of credit". 30-5-108.
     "Presenter". 30-5-112(3).
     (3) Definitions in other chapters applying to this chapter and the sections in which they appear are:
     "Accept" or "acceptance". 30-3-410.
     "Contract for sale". 30-2-106.
     "Draft". 30-3-104.
     "Holder in due course". 30-3-302.
     "Midnight deadline". 30-4-104.
     "Security". 30-8-102.
     (4) In addition, Chapter 1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

     History: En. Sec. 5-103, Ch. 264, L. 1963; R.C.M. 1947, 87A-5-103.