Colorado § 4-5-116 Choice of law and forum

Colorado Statutes

§ 4-5-116 — Choice of law and forum

Colorado § 4-5-116

Title 04Uniform

Art.Letters of Credit

This text of Colorado § 4-5-116 (Choice of law and forum) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 4-5-116 (2026).

Text

(a)The liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction chosen by an agreement in the form of a record signed by the affected parties or by a provision in the person's letter of credit, confirmation, or other undertaking. The jurisdiction whose law is chosen need not bear any relation to the transaction.

(b)Unless subsection (a) of this section applies, the liability of an issuer, nominated person, or adviser for action or omission is governed by the law of the jurisdiction in which the person is located. The person is considered to be located at the address indicated in the person's undertaking. If more than one address is indicated, the person is considered to be located at the address from which the person

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(a) The liability of an issuer, nominated
person, or adviser for action or omission is governed by the law of the jurisdiction
chosen by an agreement in the form of a record signed by the affected parties or by
a provision in the person's letter of credit, confirmation, or other undertaking. The
jurisdiction whose law is chosen need not bear any relation to the transaction.

(b) Unless subsection (a) of this section applies, the liability of an issuer,
nominated person, or adviser for action or omission is governed by the law of the
jurisdiction in which the person is located. The person is considered to be located at
the address indicated in the person's undertaking. If more than one address is
indicated, the person is considered to be located at the address from which the
person's undertaking was issued.

(c) For the purpose of jurisdiction, choice of law, and recognition of
interbranch letters of credit, but not enforcement of a judgment, all branches of a
bank are considered separate juridical entities, and a bank is considered to be
located at the place where its relevant branch is considered to be located under
subsection (d) of this section.

(d) A branch of a bank is considered to be located at the address indicated in
the branch's undertaking. If more than one address is indicated, the branch is
considered to be located at the address from which the undertaking was issued.

(e) Except as otherwise provided in this subsection (e), the liability of an
issuer, nominated person, or adviser is governed by any rules of custom or practice,
such as the Uniform Customs and Practice for Documentary Credits, to which the
letter of credit, confirmation, or other undertaking is expressly made subject. If (i)
this article 5 would govern the liability of an issuer, nominated person, or adviser
under subsection (a) or (b) of this section; (ii) the relevant undertaking incorporates
rules of custom or practice; and (iii) there is conflict between this article 5 and
those rules as applied to that undertaking, those rules govern except to the extent
of any conflict with the nonvariable provisions specified in section 4-5-103 (c).

(f) If there is conflict between this article 5 and article 3, 4, 4.5, or 9 of this
title 4, this article 5 governs.

(g) The forum for settling disputes arising out of an undertaking within this
article 5 may be chosen in the manner and with the binding effect that governing
law may be chosen in accordance with subsection (a) of this section.

Legislative History

Source: L. 96: Entire article R&RE, p. 200, � 1, effective July 1. L. 2023: Entire section amended, (SB 23-090), ch. 136, p. 534, � 34, effective August 7.