§490:5-103 Scope. (a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.
(b) The statement of a rule in this article does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in this article.
(c) With the exception of this subsection, subsections (a) and (d), sections 490:5-102(a), 490:5-106(d), and 490:5-114(d), the effect of this article may be varied by agreement or by a provision stated or incorporated by reference in an undertaking, except to the extent prohibited in sections 490:1-302 and 490:5-117(d). A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by this article.
(d) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary. [L 1996, c 39, pt of §1; am L 2004, c 162, §15]
Section: Previous 490-4a-503 490-4a-504 490-4a-505 490-4a-506 490-4a-507 490-5-101-to-490-5-117 490-5-102 490-5-103 490-5-104 490-5-105 490-5-106 490-5-107 490-5-108 490-5-109 490-5-110 NextLast modified: October 27, 2016