West Virginia § 46-5-103 Scope

West Virginia Statutes

§ 46-5-103 — Scope

West Virginia § 46-5-103

Ch. 46UNIFORM COMMERCIAL CODE

Art. 5LETTERS OF CREDIT

This text of West Virginia § 46-5-103 (Scope) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 46-5-103 (2026).

Text

(a)This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.

(b)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.

(c)With the exception of this subsection, subsections (a) and (d), sections 5–102(a)(9) and (10), 5–106(d), and 5–114(d), and except to the extent prohibited in sections 1-302 and 5–117(d), 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 oblig

Free access — add to your briefcase to read the full text and ask questions with AI

(a) This article applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.

(b) 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.

(c) With the exception of this subsection, subsections (a) and (d), sections 5–102(a)(9) and (10), 5–106(d), and 5–114(d), and except to the extent prohibited in sections 1-302 and 5–117(d), 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.

(d) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter 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.