§ 5-103 — Scope

New York § 5-103

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Art. 5: Letters of Credit

Text

Section 5--103. Scope.\n (a) This article applies to letters of credit and to certain rights\nand obligations arising out of transactions involving letters of credit.\n (b) The statement of a rule in this article does not by itself\nrequire, imply, or negate application of the same or a different rule to\na situation not provided for, or to a person not specified, in this\narticle.\n (c) With the exception of this subsection, subsections (a) and (d) of\nthis section, paragraphs (9) and (10) of subsection (a) of section\n5--102, subsection (d) of section 5--106, and subsection (d) of section\n5--114, and except to the extent prohibited in section 1--302 and\nsubsection (d) of section 5--117, the effect of this article may be\nvaried by agreement or by a provision stated or incorporated by\nreference in an undertaking. A term in an agreement or undertaking\ngenerally excusing liability or generally limiting remedies for failure\nto perform obligations is not sufficient to vary obligations prescribed\nby this article.\n (d) Rights and obligations of an issuer to a beneficiary or a\nnominated person under a letter of credit are independent of the\nexistence, performance, or nonperformance of a contract or arrangement\nout of which the letter of credit arises or which underlies it,\nincluding contracts or arrangements between the issuer and the applicant\nand between the applicant and the beneficiary.\n