Article 870. Execution of a letter of credit.

1. For the execution of a letter of credit, the recipient of funds shall submit to the executing bank documents confirming the fulfillment of all the conditions of the letter of credit. In case of violation of at least one of these conditions, the letter of credit is not performed. 2. If the performing bank has made a payment or carried out another operation in accordance with the conditions of the letter of credit, the issuing bank shall be obliged to reimburse it for the costs incurred. These expenses, as well as all other expenses of the issuing bank related to the execution of the letter of credit, are reimbursed by the payer.

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Links to other articles of chapter 46. Calculations:
Article 861. Cash and non-cash payments.
Article 862. Forms of non-cash payments.
Article 863. General provisions on the settlement of payment orders.
Article 864. Conditions for execution by a bank of a payment order.
Article 865. Execution of instructions.
Article 866. Responsibility for non-execution or improper execution of the order.
Article 867. General provisions on settlements under a letter of credit.
Article 868. Revocable letter of credit.
Article 869. Irrevocable letter of credit.
Article 871. Refusal to accept documents.
Article 872. Responsibility of a bank for violation of the conditions of a letter of credit.
Article 873. Closing of a letter of credit.
Article 874. General provisions on settlements under collection.
Article 875. Execution of a collection order.
Article 876. Notification of operations performed.
Article 877. General provisions on payment by check.
Article 878. Check details.
Article 879. Payment of check.
Article 880. Transfer of rights by check.
Article 881. Payment Guarantee.
Article 882. Collection of check.
Article 883. Certificate of Refusal to Pay a Check.
Article 884. Notice of non-payment of the check.
Article 885. Consequences of non-payment of a check.