§ 26-1-5.1-101 — Short title; scope

Indiana § 26-1-5.1-101

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 5.1: Letters of Credit

Text

(a) IC 26-1-5.1 shall be known and may
be cited as Uniform Commercial Code ─ Letters of Credit.
(b) IC 26-1-5.1 applies to a letter of credit that is issued after June
30, 1996, and does not apply to a transaction, event, obligation, or duty
arising out of or associated with a letter of credit that was issued before
July 1, 1996.
(c) A transaction arising out of or associated with a letter of credit
that was issued before July 1, 1996, and the rights, obligations, and
interests flowing from that transaction:
(1) are governed by IC 26-1-5 (before its repeal) and any other
law amended by senate enrolled act 193 of the 1996 regular
session of the general assembly as if repeal or amendment had not
occurred; and
(2) may be terminated, completed, consummated, or enforced
under IC 26-1-5 (before its repeal) or other law (before its
amendment by senate enrolled act 193 of the 1996 regular session
of the general assembly).

Legislative History

As added by P.L.183-1996, SEC.4.