§ 554.5103 — Scope

Iowa § 554.5103

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 554: UNIFORM COMMERCIAL CODE

Text

1. This Article applies to letters of credit and to certain rights and obligations arising out
of transactions involving letters of credit.
2. 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.
3. With the exception of this subsection, subsections 1 and 4, section 554.5102, subsection
1, paragraphs “i” and “j”, section 554.5106, subsection 4, and section 554.5114, subsection 4,
and except to the extent prohibited in section 554.1302 and section 554.5117, subsection 4,
the effect of this Article may be varied by agreement or by a provision stated or incorporated
by reference in an undertaking. 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.
4. Rightsandobligationsofanissuertoabeneficiaryoranominatedpersonunderaletter
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.

Legislative History

[C66, 71, 73, 75, 77, 79, 81, §554.5103]