Automatic Extension -- Notice of Non-Extension

The Problem

UCC 5-106(b) provides: “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.”  ISP98 Rule 2.06. expressly deals with “automatic amendments”.  UCP 500 does not.