675.110  Availability of credit in portions; presenter's reservation of lien or claim.--

(1)  Unless otherwise specified a credit may be used in portions in the discretion of the beneficiary.

(2)  Unless otherwise specified a person by presenting a documentary draft or demand for payment under a credit relinquishes upon its honor all claims to the documents and a person by transferring such draft or demand or causing such presentment authorizes such relinquishment. An explicit reservation of claim makes the draft or demand noncomplying.

History.--s. 1, ch. 65-254.