South Carolina § 36-5-119 Transition.

South Carolina Statutes

§ 36-5-119 — Transition.

South Carolina § 36-5-119

Title 36COMMERCIAL CODE

Ch. 5COMMERCIAL CODE— LETTERS OF CREDIT

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Bluebook

S.C. Code Ann. § 36-5-119 (2026).

Text

(a)This chapter takes effect July 1, 2001.

(b)This chapter applies to a letter of credit that is issued on or after the effective date of this chapter. This chapter does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before the effective date of this chapter.

(c)A transaction arising out of or associated with a letter of credit that was issued before the effective date of this chapter and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this chapter as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.

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(a) This chapter takes effect July 1, 2001. (b) This chapter applies to a letter of credit that is issued on or after the effective date of this chapter. This chapter does not apply to a transaction, event, obligation, or duty arising out of or associated with a letter of credit that was issued before the effective date of this chapter. (c) A transaction arising out of or associated with a letter of credit that was issued before the effective date of this chapter and the rights, obligations, and interests flowing from that transaction are governed by any statute or other law amended or repealed by this chapter as if repeal or amendment had not occurred and may be terminated, completed, consummated, or enforced under that statute or other law.